The current console generation is more then capable of doing it - as was the previous generation. Framerate has little to do with the hardware's capabilities at this point.
It all comes down to whether the devs are willing to make the graphical and technical sacrifices to reach higher framerates and as the last 10 years have shown us, no, they aren't.
That was my point. Saying "framerate has little to do with the hardware's capabilities" is patently false. Of course, you can drop graphical fidelity, but that doesn't really mean anything. I'm pretty sure my TV has enough computing power to run Quake1 at 60fps. But for current graphical standards, the current console generation is not up to the task of VR. Hell, most console titles aren't even 1080p.
But that's exactly my point. Nothing in the
hardware prevents it from displaying an image 75 times a second. The only limitation is how quickly you can draw your image in the first place, which is mostly under the control of the developer. Sure, better hardware lets you draw more complex scenes faster, but you have control over how complex the scene is.
I would be interested to see exactly what the difference would be if you were to scale the graphics options back until the PS4/Xbone can hit 60fps @ 1080p. Would it be a huge difference or only noticeable to graphics geeks?
But even then, your target isn't 60fps @ 1080, it's 75fps @ 2160x1200, which is 1.5 times the pixels per second. I rebuilt my PC last year to a pretty reasonable spec (i7, R9 290) and that just about managed a passable framerate in Elite on the DK2. I just don't see the consoles managing that.
My guess would be you could get 360/PS3-level graphics displaying at 75fps at 4k resolutions on current hardware. Which is why they don't do it - because people didn't spend $400 on a new console to see the same "graphics" as last generation, even if it is at a higher framerate and resolution.
Consoles, again, can get away with it because you're sitting back from a TV, so downgraded resolution isn't as noticeable. Also, framerate lag is less noticeable as games are intentionally tuned slower to accommodate imprecise controller inputs and to allow for more natural animations. (Compare how slow CoD, Gears, and Halo are to older PC-only shooters like Quake and Unreal)
Those excuses/tricks won't work in VR though, as we've been pointing out