I don't know why this needs to be explained.
Because people get a case of 'the dumb'?
Beyond that?
PS3 has a weaker library than PS2.
Even after nearing nearly 8/9 years.
:/
Costs of production increased, developers went bust, the monopolization by publishers increased, the PC became an easier option particularly with digital distribution, Japan's industry suffered in particularly while mobile gaming became more popular in most of Asia. While the PS3 was a part of the increased cost of production with the glaring mistake of its exotic infrastructure, a slowing of the market and decrease in the number of players became pretty much an eventuality due to a number of factors outside Sony's control.
The PS4 is the fastest selling console in history, it will be in more than enough homes to make producing games for it worth the expense and they've made a concerted effort to make developers comfortable with their system. Even with that the library is never going to be as voluminous as its predecessors - unless you include digital-only games, which I do but many won't - simply because
the market isn't the same anymore.
On the other hand, fewer games doesn't mean a weaker library. PS1/PS2 had a serious case of sturgeon's law, and while a lot of crappy games graced the PS3 the absolute dreck had a lot more difficulty seeing the light of day.