What Sony needs is an ecosystem that they can simply reuse across generations. With consoles now becoming basically mid-range prefab PCs with the PS5 and Series X, there is hope that what we have now will just be continuously brought forward in the future. PS3, Vita, and the PSP were all running on emulators that were (I'm assuming), specifically designed for that hardware, and asking them to keep the lights on forever when there isn't any financial gain for them to is a bit of a tough ask from the company's standpoint.
However, That does not excuse how Sony and Nintendo both are failing to offer newer and more future-proof alternatives. The money and genuinely genius ideas are there for a subscription based model that offers classic and legacy content à la carte, but for whatever reason, Sony and Nintendo stubbornly refuse to embrace the idea fully and really put R&D into it. Perhaps focus grouping and researching is showing that there might not be as much money to make as we may think? Perhaps they're afraid legacy content will inadvertently compete with upcoming releases? Who knows. Either way, it's butts, and is why I'm a huge believer of if you already own it or it isn't available to purchase officially anymore, emulate that sucker.