I made an new video covering the importance of backwards compatibility. It's been a big deal for me regarding my classic games so wanted to talk about it - It's only a short 5 minute video so check it out if you have the time
I would love backwards compatibility and I wish that the PS5 could provide it.
But while you are right that many of the old exclusives are now being made available for multiple platforms, there are some franchises which are either presently set to remain exclusives (such as The Last of Us and Dreams) or have deals to remain exclusive for a period of time (such as FFVII Remake). While gaming is a huge part of my life, compared to many people out there I am only a casual gamer at best. I don't play lots of games but I do play the games that I care a lot about (and yes a few silly ones to keep me occupied in-between from time to time...). Right now, whether some of them are available on other consoles or not, all of the ones I care about are on PlayStation.
Having said all of that, I'm totally not ready for a new generation at all. It'll be a long while before I have to reassess the situation and decide for definite if I want to go for a console which provides improved backwards compatibility vs the console I care more for. Loyalty for Sony probably does factor into it too, as well as my familiarity with PlayStation systems vs me not ever being a part of XBox culture and its controller schemes. A mild adjustment period would fix that, but still. Something about it might not feel right to me.