The main point of consoles is to appeal to a larger audience both in price, and accessibility. You can't build a PC that can push games the way the 360 or Xbox One can at that price point.
The graphics processing in the One is equivalent to a GTX 680, maybe more. That card alone would cost you almost the price of the Xbox One.
So yes, it is a PC inside, but a much more affordable one that people don't have to mess with.
My only argument is MS and Sony want to peruse the multimedia hub angle when everyone in America who would potentially buy a console already owns a PC that's already a multimedia hub. People are still thought locked into the notion that a game console has to be this separate entity from their lives than something 'practical' is, but as soon as folks wake up a shake off those preconceptions they'll see that their PC already does all those things. Companies would be better off selling a proprietary disk drive that hooks up to devices via USB and HDMI while giving developers minimum spec guidelines to ensure less powerful PCs can run it's games, but the option to max out settings as well if your PC can handle it.
Well on the point of a PC already doing all of these things; yes and no. From a price perspective, which is the main argument for a console, setting up a PC to do all of these things would require more investment than just plopping down for a console in the first place. You are basically getting a full multimedia capable system that runs games at high resolution at an affordable (to most) price point.
Now, before anyone makes assumptions (as I think baldgye might have), I am a hardcore PC gamer and prefer it over a console any day. But even I can see the innate value in a console over a PC in the long run, or for people that don't want to have to upgrade to play the latest games in high resolution. But that might also be just me and my penchant for needing to upgrade all the time 
PC hardware has recently been increasing in specs much faster than hardware requirements for games. My GTX 560 can still handle any new game just fine as long as I don't make the settings ridiculous.
Consoles are just intentionally crippled PCs that appeal to parents and families because they are easier to control the content on than PCs.
The console developers know this and pay for exclusive titles as incentive for buying them.
PCs can also emulate games for most consoles anyway.
As I've said before:
Why are consoles crippled?
*Can't upgrade hardware
*Can't run most software
*Can't modify your game files
*Limited communications
*Limited peripherals
*Limited selection of games compared with PC
*Little to no free-to-play, homebrew, or indie
*Peripherals are console specific
*Software is console-specific
*Software is usually locked to a physical object to prevent copying
*Limited ability to run multiple programs or apps at the same time
*Consoles are not easily repairable
*FPS controls are better on PC
*More ways to purchase games and price competition
*Forced software, social media, and advertising
Basically consoles are meant to be disposable entertainment for children or people who don't have a decent PC. The next console version comes out and suddenly your entire console, games, accessories, and peripherals are useless.