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Let’s make games open source, so future generations can enjoy them
(jairajdevadiga.com)
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They want you to buy new games. Not to play your old games.
PS5 doesn’t support CD, so popping in PS1 games (and a few early PS2 games) won’t work even if PS5 had a proper PS1 emulator. It’s only a matter of time until DVD support will be dropped for future consoles as well.
Re-releasing old games digitally is also difficult. More from a legal aspect. They need the permission of the holder of the IP. If they want to release Crash Bandicoot again, they need permission from Microsoft, who’s the current IP holder.
It’s also extra problematic if the game uses licensed music, which became common in the PS1 era. Then they need permission from all the involved artists. The Tony Hawk games are problematic in this regard for example.
New releases of Sonic 3 doesn’t include some of the original tracks. Possibly due to the potential involvement of Michael Jackson.