Lol, why people put so much faith in something that Sony probably doesn't see as that much of an asset. What make you believe that Sony even cares to put any free effort into true BC within their next console and cut out PSNow. It really doesn't make sense from a business standpoint for Sony and the investment in time and money really not there. PS4 BC is probably the best you will see and anything else will be PSNow.
B/C will actually be a benifit to PS Now.
Sony needs to get all of its games running on a single architecture, to make PS Now as effecient as possible. They can not be running multiple different server banks, especially some with decades old tech, and expect PS Now to be profitable. So for the best future for PS Now, Sony will need to get everything running on X86 and Radeon. This will streamline the service, and make continued improvements as new X86 and Radeon server chips arrive.
Since all future PlayStations will more than likely use the same X86 and Radeon trch, these emulators will work on them by default. Now this gives Sony multiple new revenue streams.
1. Consumers can pay for PS Now to stream PS1 - PS5 titles to any set top box or smartphone.
2. Consumers can pay for PS Now, and download their PS1 - PS5 games to any of their PS5 devices.
3. Consumers can buy PS1 - PS5 games directly from the PS Store.
Having B/C does not hurt PS Now, it only makes PS Now a better value. Even in the case that they offer disc based B/C, many people will end up either paying for PS Now, or just re-buying games digitally due to the convenience. Making all old PlayStation content available on X86 and Radeon is good for PS Now, PS5, Sony, and the Consumers.