There are very few games that won't work -- or have performance issues -- with the previous generation. Most are just the regular FIFA/NHL/Madden stuff, with the occasional overhyped mishap like CP2077.
It's the same situation as with the Xbox 360 -- as long as the previous generations can play the currently popular games, people won't upgrade. Hell, in the Microsoft Store, it's still remakes of 360-era games like GTA V and Skyrim that are being used to advertise the new consoles. No thanks my 360 still works fine! :D
The supply chain issues are only making it worse.