I'm not missing the point, I just don't agree with it.
There is an intrinsic economic incentive in breaking the console's security, because there's an untapped market of 50M devices out there already. If I have an Xbox One already, am into the idea of piracy (perhaps I bought my Xbox One near launch expecting the same kind of piracy scene the previous Xboxes had), why wouldn't I spend the cost of modchip?
There's a market for the kind of cracking and it's only because of the stupidily good job Microsoft did on the security that you're not seeing a homebrew or piracy scene (and thus not the seeds for an emulation scene).
There is an intrinsic economic incentive in breaking the console's security, because there's an untapped market of 50M devices out there already. If I have an Xbox One already, am into the idea of piracy (perhaps I bought my Xbox One near launch expecting the same kind of piracy scene the previous Xboxes had), why wouldn't I spend the cost of modchip?
There's a market for the kind of cracking and it's only because of the stupidily good job Microsoft did on the security that you're not seeing a homebrew or piracy scene (and thus not the seeds for an emulation scene).