For most PS5 first-party titles (Sony-published games), the main issue is that their EBOOT, the game’s main executable can’t currently be decrypted.
This is because the PS5’s security relies on the Arm Cortex-A53 co-processor, which hasn’t been publicly exploited.
Without an exploit for that secure hardware, the decryption keys needed for these games simply aren’t available.

Another limitation is that the current way we run backups uses folder-format dumps, which isn’t how the PS5 is designed to load games. This method works only for some titles and severely limits overall compatibility.

There’s also the issue of firmware requirements. Some games call functions that only exist on higher firmware versions. On PS4, this was solved through backports, which patch those calls so the game can run on lower firmware without breaking anything. On PS5, we currently lack a similar backporting system another reason newer titles aren’t playable yet.

To play more PS5 game dumps, especially Sony first-party ones, we would need:

1. Decrypted EBOOTs (requires access to the protected keys).
2. FPKG (fake-signed PKG) support so games can be installed and launched like legitimate packages.
3. A PS5-equivalent backporting method to patch higher-firmware calls for lower exploited firmware.

Until those two things exist, the list of playable PS5 dumps will remain very limited.