They didn't do it with PS5 because firstly they're trying to be as cost effective as possible. Also, the GPU inside the PS5 is fixed.. which means that "cost" you were talking about, no matter how miniscule it might be on the PC side... is a precious resource on console. PCs continually improve over the course of a generation.
Sony essentially went for the cheapest solution which gets them the results/benefits they wanted from it. Their idea was to have a balanced system where their developers didn't have to concern themselves with moving goalposts regarding I/O... they could essentially guarantee a certain level of performance, without having any impact on their CPU and GPU performance. As a developer, it's undoubted the best overall solution.. If you look at any console generation, it's usually never the "most powerful" device that wins... it's always the best balanced device which is the easiest to exploit. Which is why the "time to triangle" metric from Cerny is so important to him.
Since the consoles are so well balanced and fixed platforms, of course they can be more efficient and easier to develop for.. I don't think anyone will argue against that... however on PC.. it appears to me at least, that Microsoft/Nvidia/AMD/Intel/ect are doing a very commendable job at integrating a much more efficient I/O pipeline, which is supported by most modern hardware and Windows OSs (Win 10, 11) and making it familiar enough for developers to exploit. The entire pipeline is absolutely much MUCH more efficient than it was just 1 year ago.
Given the other strengths of the PC architecture which developers can lean on if they choose to (such as more RAM for slower drives, or less ram for faster drives) there's a ton of capability there now. Games are also designed to scale.. which means if RAM capacity or Storage bandwidth is an issue, texture quality can be reduced for lower end systems, dramatically reducing the required bandwidth.. On consoles that isn't possible or necessary.. but it is an option on PC. Some developers will implement DirectStorage and take full advantage of it.. others will use it as a marketing tool where it's just slightly faster... and others will have no need... just as with any other technologies out there. Remember, MOST PS5 games are not using that I/O capability at all...
So in the end, I believe that DirectStorage in its current form now with GPU based decompression gives developers far more than enough throughput to handle anything they'll throw at it, from an I/O perspective. There are other engine bottlenecks now which will impede developers from pushing further and need addressing far before storage bandwidth. Luckily, Sony developers.. who are most likely to be building the games that require anything close to PS5's I/O capabilities during gameplay, are already improving their engines, and they along with the porting studios bringing their games to PC, will ensure that DirectStorage is utilized if/when it is necessary.