It's clear Nintendo uses their back catalogue as a revenue stream with their virtual console releases, clearly they don't want you to emulate but instead buy these latest versions for your current Nintendo hardware.
Also if I buy a dvd does that mean I can download a high definition version of the same movie for free from a torrent. Many emulated games are massively enhanced over the original game. Playing Zelda BOTW is enhanced over the Switch version, you can play the wii u version at 4k 60fps on PC.The Switch version is actually massively inferior to that. Nintendo makes a lot of revenue from Switch hardware I'm sure (despite the threads saying otherwise on this site) and emulation denies them hardware sales.
Nintendo don't want you buying old 8bit NES cartridges. They only made their revenue when they originally shipped the cartridges to retailers they would much prefer you to buy virtual console titles today. So being completely legal doesn't support the publisher when you are buying s/hand games.
If I spent 10p on a google play title for android more money goes back to the publisher and developer than someone who has a 10,000 retro console cartridge collection all bought s/hand.
I'm just making the point being legal and supporting the developer/publisher can often be different things.
I buy a lot of new commercial games, spend reasonable income on video games to aid the industry but also emulate games from older systems. Sometimes I have those games in my collection and sometimes not. I know overall I'm very good for the industry. I have a large collection of physical N64 games and emulate those but also I've pretty much got rid of all my super nintendo games but still emulate them. Clearly with many Nintendo games there is a current day commercial alternative in virtual console games so I am denying Nintendo revenue. Last year maybe I played about 4 or 5 emulated super nintendo games for 1/2hr or so just for a bit of a retro bash. I could certainly live without having access to those games at all. Emulated games are such a small part of my game playing time.
I think my greater sins is with android. Often I play many free games and really enjoy them and being on a phone or tablet they are convenient so get more time. The upgrade cost is often small to get the full version/ad free etc that would support the developer but I don't do it despite having great fun with the game. I don't because I don't have to and under no obligation to do so.