At this point, it's essential.
Console gamers were trained for generations to think of each new console and its native games as brand new kinds of toys which were simply superior to the old toys. Wildly different from PC gaming, where continuity of platform was taken for granted. Games didn't get "old and moldy" just because a new CPU or video card generation appeared. In fact, existing games got better!
But now consoles are more like PCs than ever, and game development for major games take so long, that titles you'll be playing for years may come out at the end of one console revision. Like, I'm going to be playing Nioh 2 for YEARS. Why would I replace my PS4 with a PS5 if it didn't support what is and will be a major game for a long time to come?
Plus I can think of like 30 other games that launched on the PS4 that I am still playing and will still be playing for a basically unlimited amount of time. I don't want to lose access to these applications when Sony stops manufacturing PS4 units and a current unit dies.
Consoles without platform continuity are a thing of the past and should stay there.