Part why it took so long was because it was not a very common error.
And yes, many of the problems are related to old games on new hardware, new games on old hardware, and notoriously buggy games. But that does not actually leave a lot of games that don't run into any of these three problems.
It's true that when a console is dead and you can't get a new one, there's no way to play the game. But my brother just recently got himself a second hand SNES and the oldest games I have are PS1 games, which do run on PS2s. Which are still in production.
The oldest PS1 games are as old as Tie Fighter, and as much as I tried, I can't get the game working without sound and graphics glitches.
Hardware problems on PC are an issue. How much of one and how much it influences the ability to play the games you want, is a case by case thing. If I always have the latest hardware on my computer and play games only within one year of release, this might not actually be a significant problem.
But PC is not the universally the superior alternative to consoles in all respects.