Not true. You need a red laser for DVDs and CDs but a blue one for Blu-rays, hence the name. It's possible to have both, but to be able to support both Blu-rays and DVDs, you need both, at which point you're probably not far from being able to read CDs as well. Actually seems kind of bizarre that PS5 doesn't support CDs - maybe there's some licensing issues there as well, or maybe they're just cutting costs by not having official support for CDs.

Regardless, I believe it's kind of the default to not be able to play DVDs if you're able to play Blu-rays - DVD support requires extra hardware capability and doesn't come for free.

I know what kind of lasers they use but every Blu Ray player I had plays DVDs which includes PS3,4,5. Xbox Series X. I had a stand alone one at one point but gave it away I think. 

This, basically. Companies want to make everything into a subscription rather than a one-time payment so they can just continually take your money forever.

Probably because if you have something you use to play Blu-rays, there's a high likelyhood you want it to play DVDs as well. Technically there's no guarantee that's the case in the future as well though.

https://www.youtube.com/watch?v=DDY-uNRpXZQ

https://www.youtube.com/watch?v=82Yv2et7yco

video title says it all.

Jailbroken PS5s can now play PS2 games off of the orginal discs, without anything needed to be done.
Put disc in, and play (ofc through the software to run it, a emulator).

This is another feather in the cap.

There is no reason the PS5 cannot natively just play all PS2 or PS3 games imo.
Sony could spend a few months with some software engineers and get this to work.

100% this. PS2 games were probably possible as early as PS3 or PS4, and there was probably no technical reason they couldn't have done PS3 games early this gen. I don't mean they had - or have even now - emulation ready, but it would probably be a drop in the ocean for Sony.

If amateurs can get all this working, you'd expect professionals with the resources of a company like Sony behind them could do it even better.

A box that played PS2, 3, 4, and 5 games could have been a real selling point for the system for longtime gamers who have libraries from those consoles.

Of course Sony could do it if they wanted to. The PS5 is strong enough to brute force emulation of those older consoles. It is just a matter of strategy, dedicating resources, preventing security breaches, adhering to licensing agreements, and weighing the costs vs. the benefits. Sony decided it wasn't worth it.

I mean it's Sony, is it strange? 

A new app called Overdrive is making the rounds on X, and apparently it is a free game store for jailbroken PS5 consoles. Insider Gaming reports that a clip was posted on October 11 by Edigax on X, showing an app that works like the PlayStation Store but offers games and DLC at no cost. The listings show download size and a review score instead of prices, with titles like Battlefield 6 and Forza Horizon 5 reportedly in the library. We don't know who made Overdrive, where the files come from, or whether it works as smoothly as the video suggests, so take this with a pinch of salt. Initial accounts have been mixed, with one Redditor describing the app as "very poorly made."

It is going fast.