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Squilliam said:
Because most older games have equal or better flash equivalents which people play all the time on sites. Remember the old games were made by small teams using poor tools, one person is can probably churn out a NES like game every 3-6 months for example.

Not all old console games are poor. There are a few that survived the test of time or are unique enough, like Killer 7 or God Hand (from what I've been told). Besides, with digital distribution and ease of emulation, those games would be sold at almost no risk.