Others have covered the subtleties of how the sound could be reproduced on older players in a different way. But there may a psychological component as well? And I don’t just mean a nostalgia factor, though that could certainly be part of it.

One thing I miss is having a dedicated music player that will never interrupt my listening experience with a notification or anything like that. It’s the same reason I still prefer going to a theatre to watch movies. Zero distractions compared to a home screening and I feel like I can get far more immersed in it.