This is the fucking problem:
First and foremost Sony needs to bring forward the PS1 and PS2 classics that are on PS3, if not also bring back PS1 disc compatibility.
Sony's mentality changed completely going into PS4 when it came to its back catalog. Before Sony had a contiguous library of PS1 games that carried between PS3, PSP, and Vita. It sold PS2 games digitally because the PS3 couldn't emulate PS2 perfectly enough to allow for disc compatibility, but modders found out the PS3 really does contain a complete PS2 emulator. Fuck, Sony has still been releasing some of those PS1 and PS2 classics for PS3 this year. I've bought quite a few PS1 games on PS3 I still want to play. What I liked in particular is that Sony seemed to target classics that were expensive as fuck at retail. The Japanese selection is on a whole other level.
But if you look at the store now it even separates "Classics" and "PS2 games" into different sections. If you look at the posts on the PlayStation blog the Classics seemed to be about actually bringing back classic games. Again, there was a particular focus on bringing back hard-to-find games. With PS2 on PS4 it seems more about just reselling games with the excuses being 1080p and trophies.
Maybe Sony is just trying to bring back its classics a different way now. Along side PS2-on-PS4 we're seeing Sony invest more in total remakes of PS1 and PS2 games like Crash and Parappa. Now that Sony's in a position of strength with the PS4 it seems content to simply dip into its back catalog occasionally for more revenue. But that method is never gonna capture a plurality of the PS1 and PS2 libraries which some two of the most massive and valuable in console games. The only real way to make all that accessible is full-blown emulation for all games.
Of course Microsoft primarily cares about its BC initiative because it's trying to get more people onto its planned future for the Xbox platform. At least MS is creating something that feels more hardware agnostic and is supposed to give each game more permanence and shelf life.