https://www.polygon.com/22345099/ps3-ps-vita-psp-playstation-store-shutting-down-closes If this is part of Sony's marketing strategy to encourage coerce people into upgrading to the PS5, assuming it's even possible to find one available in stock, then I think they will find it's likely going to have the opposite effect. It wasn't well received back when Nintendo removed the Wii Shop Channel and there isn't any reason to think that PlayStation fans won't be similarly disappointed by this decision by Sony.
In some respects this is objectively worse. I'm certainly not an expert when it comes to what titles were WiiWare exclusives, but the vast majority of games that were available on the virtual console have since been ported onto the Wii U, the 3DS family of systems, and most recently onto the Nintendo Switch so it isn't like there's a whole lot there that's been lost forever. In Sony's case there is a substantial library of games, the entire catalogue of PSOne Classics for instance, that are only available in the PlayStation Store for PS3, PSP, and PS Vita. With the exception of HD remasters and re-releases, you can't buy them on the PS4 and I don't even know how that will translate in terms of PS5 compatibility.
Given how the gaming industry as a whole is continuing to push more and more toward digital distribution, this decision from Sony doesn't exactly inspire customer loyalty. I already prefer buying physical copies whenever possible so this decision won't have to severe an impact on my personal library of games, but there are a handful of PSOne Classics stored on my system that I originally purchased as backups of games I loved from the PSOne after the original discs started giving out on me. Some of them, especially the Final Fantasy series, are easily replaceable on other platforms including PC, but one of my favorites--Chrono Cross--isn't so easily replaceable and given it was never as well received as its predecessor, Chrono Trigger, the odds of it ever being remastered are exceedingly low.
I already wasn't planning on upgrading anytime soon given the expense and limited supply of the console itself, but also the fact that it would necessitate a complete overhaul of our home theater system to even get the most out of it given we're still rocking good old 1080p on our 3D Vizio TV's. And that's not even getting into our truly dismal internet connection speed out here in the middle of nowhere. All in all, what I'm trying to say is, it's really just not worth it. This decision by Sony to shutdown the PlayStation Store for the PS3, PSP, and PS Vita just made it all the more apparent that I don't actually need a PS5 now or even in the future. Right now I have everything I need to get my gaming fix and while that might change in the future, I'll very likely be looking for something else.