Agreed completely. The difference though is Nintendo can afford to do that whereas Sony can’t right now. Financially Nintendo is strong enough that they could haemorrhage money for the next decade and they’d probably still be here. Sony isn't in that position. The electronics division of the company has been losing money for a long time and Playstation is basically keeping it afloat. They did make a real effort with Vita exclusives at the start - in the first year alone there was Uncharted, Killzone, Wipeout, Little Big Planet and even an exclusive CoD (which likely cost a boatload of money for them to secure and by all accounts turned out awful) but even those five presumably didn’t move consoles to the degree Sony needed. Meanwhile the PS4 is selling like hotcakes and has given them a lifeline so it makes sense they’ll pool their resources into that. It’s a terrible shame but it is what it is.
They did announce they're bringing the Vita TV outside of Japan though so hopefully that might revitalise the platform a bit. We'll have to see what happens.