I took a look at the AlVro PS4 collection, which I'm sure is not 100% complete, but it's probably the closest we have to a complete list of 5.05 playable games.
I took that list, removed any possible dupes (JPN, EUR, MULTI-even though some of those are unique), repacks, un-propers, patches, updates, DLC, multiple group releases...and came up with a condensed list.
What I see is about one thousand games totaling to 10TB!!
So say you don't care about small, independent games (even though there some really good ones out there!). If you just look at game sizes 2GB and above, you end up with 670 games.
OK, maybe you only like 20% of those games. That's over 130 CURRENT GEN AAA games!
If you can find a 5.05 PS4 for $500, that comes out to $3.85 per game. Not to mention you have a tangible piece of hardware that you could sell later on if you wanted to.
I already have a PS4 Pro at 5.05. I'll be playing mine for a while longer.
I also have an PS4 Pro that I keep online for any newer or multiplayer PSN games so needless to say, I'm a happy gamer!