The advantage Nintendo has with classic systems is that a far higher percentage of the games people want to play are first party.
Also I think with Nintendo there were fewer major niches in the gaming population. Whereas some people may want a PS Classic for the FPSes, I would want it for Tales of Eternia, Star Ocean 2 and Valkyrie Profile. Whereas most people would agree on, say, Link to the Past and Super Metroid, fewer people would agree on which PSX games they want.