I'm guessing that 'piracy' (I use quotes because I know a lot of 'pirates' are more interested in the emulation aspect of the PSP than the actual game library itself) is a large part of what spurred the PSP to the success its had--especially outside of Japan--so maybe the question should be: would the PSP be remotely as well-received if piracy was impossible on the device? Especially since, the ease of 'hacking' a PSP doesn't require you to do anything invasive to get it to that state.
Meanwhile, on the 360, it was a success long, long before it was 'easily' hacked (and if you consider opening up your 360, hooking it up to your PC, etc., as easy you vastly over-estimate what most consider easy), so you wouldn't likely see nearly as outsized an effect on its userbase.
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