The problem is that PC gaming is dying as online console gaming gains ground.
Most new exciting games are being released for consoles. There are only a few really hot titles for the PC.
I'm going to start from the assumption that you know very little about modern PC gaming and work my way back.
If you were to say: "major titles being PC exclusives" I'd agree with you. That is relatively true. A combination of a large console market with the fact that most major titles are released on the PC as ports has a lot to do with it. A big part of the reason for this is that PC games are pirated so often that developers don't seem to put much effort into creating a unique PC experience anymore. Consoles are squarely in the spotlight here.
I'd only say PC gaming loses out to console gaming in this one area. Consoles get all the "big" titles. PC gaming, on the other hand, gets all the user-made content (modding), the community, MMOs (very few on consoles) and most developers who will one day make games for consoles start out on the PC. I guess a valid analogy would be between Hollywood blockbusters and independent/Cannes films. If the consoles get all of the former then the PCs get most of the latter.
PC gaming has only lost out to console gaming in the sense that it doesn't generate nearly as much revenue. Creativity wise, PC gaming kicks console gaming's ass.
Also, take a trip to Korea or China. Notice how those countries produce a ton of PC games for the domestic market and in both countries, consoles have hardly made a dent. PC gaming is far from dead, it's just adapting.