Whether or not they wanted to make PS4 backwards compatible, the fact is it was infeasible. Sony built the PS3 with the very obtuse cell architecture (which made coding for it a nightmare) and emulating it on contemporary PC-like architecture (like that of the PS4) is practically impossible unless it had a lot LOT more juice than the PS4 has.
As for the PS5, I don't see them deviating from the PC-like architecture that both the PS4 and the XbOne are currently using, so backwards compatibility with the PS4 may well be possible.
However, one thing publishers and console manufacturers alike have discovered this generation is that re-releases are very lucrative.
So they might not be motivated to add backwards compatibility when leaving it out creates a new, albeit artificial market.
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