A lot of useful replies relating to the disc reading technologies, but there’s another reason, even if emulation is possible, it takes quite a toll on the hardware,.
Since there’s competition, they’d rather choose a master of one instead of jack of all trades approach.
Also, as technology grows, there are a lot of changes in a console/computer/smartphone architecture, which further complicates emulation beacause the build platform (instruction sets, 8/16/32/64 bits, number of cores, gpu and cpu hardware, etc).
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