When modern games are a cross gen releases derived from PC ports the “work” argument is quite overrated. Seriously, for a PS5/XbSX take the steam deck/Switch/PC low settings and boom, split screen optimized is ready.
This is just plainly a reflection of the times. People won’t drive over to a friends house enough and local play doesn’t sell enough DLC/online subscriptions for folks.
We basically have Nintendo and Indies keeping this alive for the most part.