You're confusing manufacturer pricing with retailer gouging. Yes, Sony can sell at a loss and recoup in other ways; the point is that when the price was set for the PS5 then that's what they sold for. In their millions, with huge demand. Just like the GPUs, the consoles have been out of stock for months..
True but dont Sony/MS put in their sales contracts that you must sell at the price they set ? I`m sure I have read this before which is why nearly all retailers sell both consoles at the one price. Its well known for years they both sell their consoles at a loss and recoup from game sales. Retailers dont argue because if they did they would not get stock and they need the stock for visitors. eg when you are buying a console you might buy something else like a TV. Also dont forget the price we pay is not the price the retailer pays. It will be less. So if the console is £299 to us MS will not get that much due to the distribution pipeline. Even if buying direct from MS in bulk the retailer wont pay that price. Thus both Sony/MS sell at a loss.
Sony tell the retailer what price to sell at so should Nvidia and AMD in an ideal world.