PS5 is predicted to release by the end of next year. Xbox, not entirely sure, but I would assume it'll be around the same time frame.
In all honesty, at this point in time, with still no word on the current state of affairs, I wouldn't hold my breath. Perhaps with the next Gen consoles, but even then, that's over a year away.
It would've been great to have heard something by now. Even better would've been the update Iron Galaxy was working on. I had hoped to have seen the new POI's, additional zombie skins, the Navezgane update, and mostly the painting system. But, sigh...
But to say the game is dead? No, that's just those who are jealous over the PC version. Console wasn't released as being in Alpha, so by all rights, they never had to give updates if they didn't want to. Want the current version and be like PC? Then they need to buy a PC...
The game is far from dead in my opinion. It's still an amazing game, and I'm constantly exploring and having fun grinding for materials as I seek out my next build. While I am eventually going to upgrade to a PC, I can't help but treasure my PS4 copy. Especially considering how they've changed various aspects that I have no excitement for. In fact, if we could've gotten all of A16 and it ended there, we wouldn't have needed anything else, and we may have had the best version to be honest compared to the crap they've altered in A18. Unless you want to play a looter/shooter...