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After shutting down several popular emulators, Nintendo admits emulation is legal
(www.androidauthority.com)
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we know emulation is legal, but we're still going to legally have a legal reason to take y'all emulators to court angry face
See also: https://en.m.wikipedia.org/wiki/Strategic_lawsuit_against_public_participation
There are many, many variants. The idea is the smaller player can't really afford to fight in court, so even if the larger actor has shaky legal claims they will still win.
Bypassing copy protection has always been the number one reason, it was never emulation per se.