For one, the PC has never been a dedicated gaming machine. It has to do a lot more, and that has a negative consequence in terms of cost, efficiency and stability when playing games. Consoles, on the other hand, are purpose designed to play games.
They're also designed to be idiot proof. The typical PC applications (Word, Excel, Access) are not idiot proof. Different market.
Second, with the amount of pap that's being released across all formats by the big studios, frankly their loss to consoles isn't a huge deal. Going outside or reading a book has become much more fun.
Frankly, I do not resent Epic for moving to consoles. EA and Activision, would you kindly follow them? What I resent is the attempt to push mainstream games onto a platform (the PC), which has a rich history of complex games which rewarded players with functioning brain cells. Simulations, strategy games, number crunching and puzzle games.
Frankly, if we get rid of crap like BioShock, Fallout3 and all those other cross-platform abominations, maybe the IQ of your average PC gamer can get back to what it was before...