There is a lot of things being thrown around here,about legacy and lc+ and TMCC and what they are, what they aren't.
With any of these systems, there is both hardware and software (usually called firmware, because it is loaded into a chip rather than being in memory). TMCC had a hardware set (the controller, the command bases, the receivers) that contained the circuit boards that in turn had the operating chip/cpu, memory and the receiver/transmitter stuff. The firmware is what runs everything, it is what generates the command codes that actually do something, it is in the receiver in the engine that reads the command code, then for example cuts voltage to the motor to make it slow down, triggers the sound sequence, etc. The 'real action' happens in the firmware, the actual operations are controlled via that. Because so much is done in firmware, the hardware components and such don't matter as much (with some caveats). As long as, for example, the controller circuitry on a board in an engine can see command sequence nn, and say "Aha, that means I need to tell the voltage controller to cut voltage to the engine", the actual components don't matter.
I have never looked at the circuit boards in TMCC versus original legacy, but I don't really have to. It is possible, for example, that in the early legacy locomotives the circuit boards were retooled TMCC boards, with more memory or the addition of a new controller area (in theory, depending on the added functions on a certain legacy engine, they theoretically could have used TMCC boards and simply gave it different firmware to control functions not available on TMCC, assuming that the board had circuitry to implement the function).
The beauty of firmware is that it acts as a 'translation layer', and can handle different kinds of boards if it needed to. For example, if lowering the speed is function 54 (and that is just hypothetical), the actual command sent to the voltage controller that varies voltage to the engine could be two different things. If a legacy board sees function 54, it could send a bit string of 11101 to the voltage controller; if a TMCC board sees function 54, it might send 11011 to the voltage controller, assuming that tmcc and legacy used different voltage controllers (and all my examples again are hypothetical).
It is why Legacy controllers can control TMCC based engines and such, the legacy controller can be totally different in hardware than the TMCC one was, and still work, because the firmware is set up for backwards compatibility. In the case of TMCC and legacy, I believe that Legacy is a superset of TMCC in terms of the firmware.
It doesn't really make sense for Lionel to produce TMCC based products, their marketing strategy has kind of made TMCC the lower level of command control, which they make money from licensing/selling boards to third party firms, plus they also can sell legacy engines with features that no one can match, since Legacy is proprietary.
LC/LC+ are relatively simplistic units designed for entry level, pure and simple. For one thing, what is the range with LC/LC+? If this comes with starter sets, the assumption probably is it would be run on Christmas layouts, or small layouts, thus may not have the capability that Legacy has in terms of that...(and I ask that as a question, I don't know the range of LC).
If starting over, I suspect that Lionel would use the LC kind of system (radio control/bluetooth/wifi) as the base for its command control, would do away with the command bases and the crazy way they transmit it through the rails, and LC would be the entry level, that could control only a single engine (which is not a big deal, it means the controller would be hardcoded to address a specific engine id, that would be unique to LC). The legacy equivalent would be able to talk to multiple engines, legacy engines would have the programmable engine id the user sets, as today, plus it could also talk to LC engines, the user would program in the LC id into the legacy controller, and it would be one of the engines on the roster.
This isn't going to happen, obviously, because among other things, it would lock out the third party firms like Atlas and Weaver that use TMCC currently, the above would be a clean slate kind of thing. Yes, in theory a "New Legacy" could also talk to command bases and such, for engines who need that,maybe by having a 'wireless' module on the command base that can pick up the new legacy controller radio signals (or whatever it uses), but that would also add to the complexity.
But the reality is I don't see the current paradigm changing much, legacy has a huge command set, and in many ways has barely been touched in terms of what it can do. You can see part of the problem with trying to develop a new system, in some of the posts on here, where people for whatever reasons can't/won't upgrade to Cab-2, where there is a large installed base of older systems, it would be hard. I would love to see a Legacy command system that can work with the old kluge of the command base but also supports direct communication to engines like I mentioned above, I would end up buying engines that could talk directly and if possible upgrade existing stuff I had to use it, just to get rid of the whole nonsense with the rail based communications.