I think the opportunity costs is far too high and Apple has contented itself with some years-old AAA titles to grab attention every few years and pad WWDC keynotes. They don't have the stable of executive talent to start making a go at gaming and they would need to form those relationships and spend money (studios, exclusivity, you name it). They don't get gaming on a fundamental level aside from "oh yeah that something people try to do on our stuff" which is pretty much the extent.I got my 4K Apple TV device years and years ago. There is zero prospect of me upgrading to a newer version as it does its simple read-only job quite well.
But... for all the gadgets Apple tosses in our direction, none would grab my attention more than a sleek Mac mini style powerful gaming machine and controller. OK, you'd need substantial investment in games software, but it strikes me that Apple are missing out. The gaming market is huge. I mean proper photorealistic games. They would make a lot more money out of me than they do with Apple TV+.
Makes me wonder why they put effort into putting a wrapper on open source stuff like the game porting toolkit or the more exotic metal ray tracing when it's gonna go unused. But this is Apple so they throw that stuff at the wall to see what sticks but they aren't serious about it (clips, journal, invites). This makes me sad