[metagame]

Both have the same root problem: There's no incentive. There used to be reasons to crack consoles, and there still is for many of them, and eventually there might be an incentive to for the Xbox One, but there's no reason for the Xbox One to be right now and there never really has been. Pretty much all of the good Xbox exclusives are available on PCs as well (albeit some only via UWP, which had its copy protection broken a long time ago), and almost the entirety of its library is available on either the PS4 or PC, both of which are solved problems. There's not a reason to bother with it while Microsoft's still pushing firmware updates, so there's not as many attempts.

It's also worth noting that plenty of emulators only work with homebrew titles early-on; a lack of a crack for the copy protection wouldn't in itself prevent emulation.

[monocasa]

There's tons of incentive. There's over 50 million Xbox One consoles out there, so there's a giant market for people would love to not buy any games for the one time cost of ~$100.

[metagame]

No, you're missing the point. People who want that can buy a PS4, which has always been cheaper, has more interesting exclusives, and as a result has had its copy protection broken since nearly launch.

There's no point in doing it with the Xbox, because the Xbox has no exclusives anyone cares about and is more expensive than a device that sold tremendously better and is cheaper.

This is the same reason people develop private servers for MMOs, and the exact same reason they don't bother doing so for consoles if there's a better edition on another platform.

The niche of "cheap piracy box" has been filled, and the only way for people to have an incentive to hack on the Xbox while firmware updates are still going on is if it suddenly starts getting big exclusives now that it's EOLing.

[monocasa]

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).