If we have universal remotes that work for many TV sets, why isn't there a universal game console that plays games from all console platforms?

I thought of this question while reading magazines at HyVee, so I tapped it & the details into my phone.

I understand that cartridges from older consoles are proprietarily different in shape & size. However, the latest consoles – Xbox360, Nintendo Wii & PS3 all utilize circular discs of the same size & shape.

So, why shouldn’t any gaming corporation build a universal console that plays all those discs?