https://wccftech.com/ps5s-3d-audio-is-a-big-step-forward-for-game-audio-will-enable-richer-experiences-says-developer/

PlayStation 5 render by LetsGoDigital based on the leaked devkit

Audio never really was considered as important to games as the visuals component. As a result, hardware manufacturers often focused on enhancing the capabilities of the graphics cards, while the audio components didn't really get significant upgrades over the course of different console generations.