You're assuming that everyone that runs ePSXe does not have a PSX. I have one, and most of the people I know that use ePSXe have one, also... Emus are great, but until one hits 100% compatibility, I think I'll be keeping my PSX.
Also, all of that $100/PSOne does not go to Sony, and not all of it is profit. They probably actually only make $10-$20 per unit sold... Granted, I'm sure they would still like to try to stop that, but as of yet, they have not gone after any free PSX Emus (Yes, I'm knocking on wood as I write this.

). The only ones they've fought with were Connectix and bleem. I think they're much more worried about the power than the money. With something like ePSXe, as great as it is, it is still an "underground" type thing, because you have to DL the BIOS. It will probably never become a mainstream product, because of that. However, with VGS and bleem!, you had it being sold at Best Buy, EB, Babbages, etc... It was a direct opposition to the power that Sony held over the PSX "Empire."