I'd love it if PS4 could do it too, but it ain't going to happen. Sony is not like M$ who has the money and brains to build an emulator. M$ is the OS mastermind of the universe.
PS Now is not an option for me. My internet cuts off for a few seconds daily. It's like it has a mind of its own and there's no telling when it will. I guess that's what happens when you aren't living in high class society and just trying to survive in a gangsters paradise. Also, them Lizard Squads might attack and won't even let me log on PSN. That is where cloud gaming fails. Whether via Xbone cloud or PS Now.