They have before, especially during the PS1 and PS2 days. Funnily enough, they bought Tomb Raider exclusivity to keep it away from Sega and Nintendo.
Also, I doubt they can now. Microsoft has much, MUCH more money at their disposal, and even with the massive success of the PS4, Sony is still having financial troubles. I'm assuming it costs a ton of money to lock up these fully exclusive/timed exclusive titles, and for Sony, it's probably just not worth it to them, especially with all their first party studios.
Why buy an exclusive game when you can just build your own?
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