Hoo boy, where do I start opining on this one.
First, let's be frank about one thing. Trends and standards in FPS games are changing. All I can really say is...well, get over it.
Second, that's not necessarily due to consoles. As others said, consoles can and do readily support hyperspace arsenals. That's not "dumbing down" anything, it's a deliberate design choice made along current trends, and perhaps even a hint of making a game more efficient. Yes, Gearbox playing the "but consoles" card to redirect the nostalgic rage of PC gamers is irritating, and them outright saying "times are changing, man up Nancy" would have been far preferable at least in my opinion as someone who plays on the PC and on consoles.
Third, let's be frank. I used to play the run-and-gun hyperspace arsenal shooters all the freaking time. Quake 3, UT99 and 2004, Doom, Half-Life, you name it I've played it, online and offline. I know damn well as anyone else that despite the existence of hyperspace arsenals players tended to develop a preference for two or three distinct weapons and stick to those, depending upon availability, power, applicability and ease of use. That was true in single player and in multiplayer. As long as the player can get their hands on the weapons they prefer, a limited arsenal of two or three is sufficient.
This is a personal example based upon opinion, but I know that in UT99 my primary use for a ripper, pulse gun, shock rifle, rocket launcher or biorifle was to keep me alive until I could find my preferred tools: minigun, flak cannon, or sniper rifle. No, that wasn't because I was a noob who didn't know how or couldn't use those former weapons, or that they were underpowered; they just weren't my preference, and once I acquired a preferred weapon I rarely if ever used them.
Yes, a wide range of choices is still nice. Having that clutch weapon that's of situational use at hand is nice. You still have that in a game with a limited carrying capacity, but it becomes a tactical choice to carry that weapon. This is especially true in a game that has a large selection of underpowered or too-situational-to-be-useful weapons that almost no one uses anyways for no reason other than to pad the arsenal.
Simply put, the hyperspace arsenal isn't depth of game play that's been lost to "dumbing down" the genre for a mass audience or for consoles. It's a vestige of early-generation shooters that's been exposed as excessive and unnecessary, dumped in favor of (nominally, anyways) streamlined weapon selections and tactical choice, and longing for those days or raging that it's no longer available is plain nostalgia.
