There's tons of incentive. There's over 50 million Xbox One consoles out there, so there's a giant market for people would love to not buy any games for the one time cost of ~$100.
No, you're missing the point. People who want that can buy a PS4, which has always been cheaper, has more interesting exclusives, and as a result has had its copy protection broken since nearly launch.
There's no point in doing it with the Xbox, because the Xbox has no exclusives anyone cares about and is more expensive than a device that sold tremendously better and is cheaper.
This is the same reason people develop private servers for MMOs, and the exact same reason they don't bother doing so for consoles if there's a better edition on another platform.
The niche of "cheap piracy box" has been filled, and the only way for people to have an incentive to hack on the Xbox while firmware updates are still going on is if it suddenly starts getting big exclusives now that it's EOLing.
I'm not missing the point, I just don't agree with it.
There is an intrinsic economic incentive in breaking the console's security, because there's an untapped market of 50M devices out there already. If I have an Xbox One already, am into the idea of piracy (perhaps I bought my Xbox One near launch expecting the same kind of piracy scene the previous Xboxes had), why wouldn't I spend the cost of modchip?
There's a market for the kind of cracking and it's only because of the stupidily good job Microsoft did on the security that you're not seeing a homebrew or piracy scene (and thus not the seeds for an emulation scene).
