I'll be real here, I've been playing on PS4 since D1. I only started raiding last year & thats when I noticed the slower loading times, black screen, crashing in the tower, etc... I knew that the PS4 wouldnt survive Edge of Fate. It was either buy a PS5, or start playing a different game.
I understand that it would be a slap in the face if Bungie suddenly said "hey, D2 is not gonna work on old consoles anymore, so that game you paid for is useless now"... but I do think Bungie missed an opportunity to roll out EoF as D3 instead & make it only available on newer consoles. The D2 game would have remained in tact & playable on old consoles (just like D1) without being affected by the "new" D3 game. Its not unreasonable for a NEW game to be only available on the newest consoles.