It's certainly weird that with vastly more games than ever before, people are wanting to play old stuff, like they can't find anything new to play. I guess if one's tastes are more focussed, BC becomes more important to ensure you have those preferred titles and experiences.
For me it's not the lack of new games that compels me to play older games it's because I just thoroughly enjoy some games. I must have replayed Skyrim a half-dozen times (yet have
never finished the Dragonborn quest line) and played Fallout 3, New Vegas and Fallout 4 many times. Likewise, I've replayed GTA V a bunch, Resistance Fall of Man and Resistance 2, Infamous 1, 2 and Second Son a ton, the Mass Effect trilogy and Dishonoured 1 and 2 a lot, Horizon Zero Dawn, Uncharted 1-4, The Last of Us and I've replayed The Witcher 3 twice. These are all games where I thoroughly enjoy the games for what they are. All are games that typically were lavished with developer effort.
These are great games, where even if I know what is going to happen (for the linear games) I thoroughly enjoy the core experience or mechanics, e.g. the core combat in HZD and Infamous or driving of Motorstorm. Some games just give more value on replay. Like different choices, skills and endings.
Rather than the need to play
something, as I get older I generally to get the urge to play something that scratches some specific itch and I'm happier to replay something that scratches that itch than something new that doesn't.