Not a monopoly. Bungie would be meeting demand, it wouldn't be collusion between console manufacturers. It's likely contractual--you make a game on multiple systems, you can't develop a crossover kind of thing. The console companies are competitors. They want you to buy their system.
It's also likely an astronomical PITA to develop a system that works across two (or more) very different coding architectures.
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I know it's not a monopoly. Just thought it might fall under that category. Your explanation makes more sense.