Off the top of my head, NieR: Automata was the last big one. Before that was the first Life is Strange.

There's also Octopath Traveler, which is perhaps relevant here because that was a game that filled a need on a hot platform. Taking relative install bases into account, FF16 probably had a better attach rate than FF15 did at this point in its lifecycle. I'm sure SQEX was hoping for a much higher rate than that given the slow pace of exclusives developed solely for PS5.

I'm also going to speculate that, internally, there's alarm over the Japan sales. SQEX is part of a group of Japanese publishers that have historically been very--if not unduly--sensitive to poor home performance.