I would assume the reason why usb converters do not work would be due to the fact that usb uses a host controlled polling system, resulting in discrete timing that can only be as precise as the bus speed.
Just because it is on pcie doesn't mean it isn't just emulating the most frequently used parts of a parallel port.
The parallel port is actually very cool. You can take a high-end Linux machine and add the parallel port as a low latency GPIO interface with 25 pins. It can be used to control LEDs, motors, etc, and can also be used to receive sensor data, etc.
What is 'RAW' mode? I think you are referring to a legacy TCP/IP network printing protocol also known as "Port 9100." I'm not sure that's relevant to parallel ports?
However, I wouldn't be surprised if those PCI cards used the same IO port protocol, only at some different address assigned in the standard way with PCI BARs.
Also, don't forget that small FPGAs like those from Lattice Semi are very cheap these days and find a lot of use specifically in obscure IO interfacing tasks.
At least USB also works on a laptop, which is easier to put next to the console in the living room.