RS500 was out in ~2011, and yet it works perfectly with PS4.
This perplexed me but it took very little googling to bottom this out.
Let's start with the basics as to why you can't just plug your device in and have it work automatically. Although there is a standard USB profile for HID (Human Interface Devices) hardware like keyboards, mice and joysticks, support for more complicated devices like haptic feedback racing wheels is fairly rudimentary which is why Logitech and Thrustmaster provide device drivers for their wheels. I.e. you can't just plug them into a Windows computer or Mac and have them just work. The computer/console can see something is connected but without a driver it can't use that device.
Now Thrustmaster are Sony licensed which I am certain means that they have provided Sony a device driver that is included as part of the PlayStation 4 OS. Plug in any Thrustmaster device supported by that driver and it'll work with any game that supports wheels.
However it seems that Logitech began shutting down their console accessories division in January last year so it is unlikely they developed a driver for PlayStation 4 for it to be licensed and included in the console's OS.
I believe the reference to the security chip is because the PlayStation 4 will not even acknowledge any USB device that isn't presenting itself as a basic keyboard, mouse or mass storage device. Anything else, like a racing wheel, is completely ignored. I believe it likely that to prevent USB injection exploits Sony have implemented a TrustZone profile that ignores most USB devices unless they handshake with licensed TrustZone security key.
So folks raging at Sony, it's not their job to write system device drivers for Logitech devices - that's Logitech's job. You paid them for their device, it's their job to support it and you as a customer.
However I gather that most Logitech wheels are based on Immersion technology so perhaps some degree of support could be achieved if Immersion step up - arguably this would be more logical move because that becomes a selling point of Immersion's technology; use our tech and it's already supported on PlayStation 4 - and why not Xbox One as well?