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Chrkeller said:

According to the agreement that you agree to every single time you buy a game on Steam, "the Content and Services are licensed, not sold. Your license confers no title or ownership in the Content and Services." You're not buying the games, you're buying the license to use them.

Nintendo:

"The Software is licensed, not sold, to you solely for your personal, noncommercial use on the Console. You may not publish, copy, modify, reverse engineer, lease, rent, decompile, disassemble, distribute, offer for sale, or create derivative works of any portion of the Software"

There is a reason why Nintendo is able to shut down YouTube channels.  

And to be clear, I am looking at getting a Steam Deck, with the intent of grabbing some emulations.  But I'm not going to sugar coat it, technically it isn't legal.  I just don't care.  Largely because I don't anticipate anything being enforced.

I know back in the day I had software that converted my physical movies to digital, it was shut down for being in violation of law.  

Nintendo is shutting down YT channels because they violate copyright laws, which means people are distributing their content online which is illegal 

About Nintend license agreement, are you aware mutual agreements can have no legal basis whatsoever, right? I don't how USA laws works in that matter, but in Brazil unless it's strictly stated by law that an agreement for purchasing, services or working relations can be defined by a mutual agreement that said agreement has no value even if both parties consent. For instance, until working laws were revised 5 years ago, it was forbid for workers to negotiate less then 1 hour launch break (in a 40 hours long workday or bigger) even if there was a mutual interest for this worker to have only a 30 minutes break 

And even now laws allow you to negotiate your launch break, you can go back to justice anytime and makes the standard law to be enforced, nullifying the contract-specific agreement without any legal loss. This is because Brazilian laws understand employees (and as extension customers too) as the weak side in socioeconomic relationships 

In this sense, a license agreement where you can't copy and upload or digital movies, books or music in cloud storage has the same value as... nothing. No company can prosecute someone in Brazil for violation copyright laws because you aren't violation copyright laws at all