cmd.exe is a terminal emulator and PowerShell is a fully-formed scripting language (that Windows desperately needed). This analogy doesn't work the way you think it does.
Isn't Windows Console the (old) terminal emulator, with cmd.exe being just the command-line interpreter.
Before that, csrss.exe handled terminal emulation (which is why console windows weren't themable[1]).
[1]: https://devblogs.microsoft.com/oldnewthing/20071231-00/?p=23...