Basically, different computer architectures speak different languages. You can translate the language on the fly, which is essentially what emulation is, but this requires a lot of processing power.
However, it is possible to “build” the game files in the new language of the new console, and this saves a lot of processing power, but requires developers to spend time on am old product with limited money-making potential.
There’s also the option of putting an extra chip or two in the new console that is essentially a micro-version of the previous console, but this makes the new system more expensive.
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