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In order of importance, imo:

1 - Piracy. The ultimate system seller (same goes for the DS too)

2 - PS2 was THE videogame market back then. PSP was simply created to be the next PS2, now on the go.

3 - Monster Hunter and GTA, the two incredibly important games.

4 - Great support from companies like Capcom, Konami, Level 5, Square...

If you think about it, everything Vita does not have in the moment.