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Have you ever heard of any Unreal Engine 4 game running on the PSX? :D It would have to be rewritten from scratch which would take months considering how complicated development is for these old platforms.

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Actually true.
It must be so difficult for sure, but my position is that if there are people who decide to do this just for fun, then there will be people who think about ROM building. 

Yeah, it would be quite difficult to recode everything for a ROM but it also would be awesome to play on an actual PSX. I hope some random people who know about these things get interested and start working on it or something.