It was a different world then, but the original PSX was pretty straightforward. A commodity MIPS processor, relatively straightforward vector and image co-processors. In particular Sony made a bet that ram prices would fall enough to make the console profitable long term and that bet payed out. To remember how much things have changed, the CDROM format was controversial then, but was a huge win for developers.

Bluntly, Sony got it right with the PSX in making it very approachable for developers. They messed that up with PS2 and they should have learned that then. Instead they doubled down on the same misguided approach with the PS3 to predictable results. I'm glad to see they're not going to make the same mistake again.

Source: I was a subcontractor on a PSX title years ago.