I think it's possible Reason Studios missed the boat on this, though I'm really hoping the new guard pushes to get Rack Extensions (and even "Reason Rack Plugin") running on some actual hardware soon - though I suspect the fact that none of this is open-source means it won't happen anytime soon.
Give this a read when you get a chance - makes picking up a Korg Miniloge XD or org Nu:tekt NTS-1 a very attractive thing:
https://cdm.link/2019/11/op-ed-korg-has ... sinevibes/
This is Korg's relatively cheap Nu:tekt NTS-1 running a 3rd party dev's own plugin:
Here's Magnus Berger from Propellerhead (who may or may not still be with Reason Studios) demonstrating a Korg RE running on hardware (starts around the 32:14 time):