The video game industry moves forward, like anything else. New games and technology come out all the time, but classics are forever in the gaming community. As time goes on, it can be harder to get a hold of many games from older generations due to being forgotten or not seen as profitable by companies. This is where backward compatibility comes in handy. Consoles that can play older games, have them for download or streaming helps keep classics alive.
Over the last few years, backward compatibility has been waning. Nintendo has never had it, although they have had the virtual consoles, Xbox One primarily had Xbox 360 titles, with an anemic offering of original Xbox titles, and while the PS4 uses PS Now, it didn't extend to its first console. Now there have been rumors the PS5 will only be backward compatible with PS4 games based on a Ubisoft FAQ answer that has since been removed. While this could mean trouble for any classic retro games, RPGs are particularly at risk of being lost or forgotten because they tend to be more difficult to remake, and original copies are expensive and scarce.
Not everyone has old consoles or the means to purchase one. Like the games for those console, they're often only found in pawn shops or specialty retro game stores. While more have been popping up because of retro gaming trends, they aren't in every town and can be quite expensive. For example, the Sega Dreamcast can go from anywhere between $100 and $300 – and they can be fickle to get working. It's rare, so there aren't many, but there were fantastic RPG titles for it like Elemental Gimmick Gear and Shenmue. The games are also rare due to the console's popularity during its time and they can go for a large amount of money. Shenmue has recently been ported to PC and consoles, but EGG has never seen another release.
This is why a feature like backward compatibility needs to exist. Not every game received recognition in its time. Many, such as Earthbound, have only risen to popularity long after release, and some still go under the radar. Those aren't likely to have a company sink money into for a remake any time soon, and if someone interested wants to try, it's only going to happen through emulation whose scene has had its share of issues as well over the last few years. Many sites have been shut down, and unless someone has uploaded a rare game, it's unlikely many will get to play it.
Backward compatibility is essentially legal emulation done by the game's owners, and without it, many great games will be lost to time. Nintendo has proven over and over how simple it is to give users access to classic games from their beloved consoles. The only reason there haven't been as many great titles as previous Virtual Consoles is because companies realize their games ARE classics and that they can make money off them. Still, there are many titles collecting dust like Chrono Trigger and Legend of Dragoon. Companies shouldn't focus solely on next-gen but find ways to make emulation possible on their consoles or at least provide gamers with some form of access to the greats.