No, you're missing the point. People who want that can buy a PS4, which has always been cheaper, has more interesting exclusives, and as a result has had its copy protection broken since nearly launch.

There's no point in doing it with the Xbox, because the Xbox has no exclusives anyone cares about and is more expensive than a device that sold tremendously better and is cheaper.

This is the same reason people develop private servers for MMOs, and the exact same reason they don't bother doing so for consoles if there's a better edition on another platform.

The niche of "cheap piracy box" has been filled, and the only way for people to have an incentive to hack on the Xbox while firmware updates are still going on is if it suddenly starts getting big exclusives now that it's EOLing.