Apparently it's about software, not hardware - Qualcomm recommends running Android under a virtual machine (which lacks nested virtualization support).
They used to (mid-late 2000s) use an L4 derivative ("REX"?), with the more recent chips (including the 'X' series for PCs) using their homegrown "Gunyah" hypervisor (https://github.com/quic/gunyah-hypervisor)
Disclaimer, my memory on the exact terminology is extremely fuzzy. But pixels with tensor can run it just fine. And it's purely a software thing too, btw.
pKVM requires a) a compatible CPU (most CPUs will do, probably), b) compatible firmware/bootloader software, and c) a compatible Android build
The latter two parts are the most likely reason why not all phones have support for this.