Consoles need to be more powerful because of the perceived importance that marketing has created for gamers desperate need for graphical fidelity over all else.

The gameplay of COD and FIFA doesn't matter so long as it's sharper/more crisp/more real. Granted, this mindset has somewhat faded, however it is still present and as a result corporations are still pushing it because while 60hz may be an old standard, Sony now has 120hz TV's to sell you.

In addition to that, COD and FIFA don't have to be nearly as well optimized if the consoles can just brute force through it. Also, without newer consoles that are more powerful, there then won't be games that are too powerful to run on older consoles, meaning they won't get to sell you new consoles because of the old games you want to play. Instead they can sell you the new games that only work on the new consoles.

I'm sure there are more reasons, but those seem to be the 3 core facets that make up the purpose of console gaming; sell the lie of the best graphical fidelity, make a game that requires a high powered console to play it, market it as "needing the best of the best" to be able to play it, and suddenly you have a brand loyal set of consumers who keep returning to the fishhook.