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Is anyone really buying a PS5 to play PS4 games?

Backward compatibility is largely driven by what hardware upgrades a console gets. PS4 and PS5 both contain standard PC parts: an x64 processor with AMD GPU, so you can do backward compatibility fairly easily. The PS3 had a custom IBM Cell processor so it couldn't.

From a consumer's perspective, if you already have a PS4 then you don't need PS5 to play PS4 games. When you upgrade, you probably want to play PS5 games anyway. If you want to sell your PS4 for money, you'll need to include a pile of games to make it worthwhile. So backwards compatibility actually doesn't actually matter much more than a advertising checkbox if you think through it...