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I doubt it's dead. I think Sony is going to make the PS5 B/C with the PS4, but with enhancements like the Pro. One, because they are sticking to the same architecture and chip manufacturer, so it'll be easier. And two, because it'll allow 100M+ PS4 gamers to move to the PS5 more smoothly and willingly. It would be nice for them to add PS1 and PS2 B/C, but I doubt they will.

Oh, and 1998? How old are you? Physical B/C (and done by the system, so no adapters) started in 1986, with the Atari 7800.