I would take it a step further.

Pirates know there would be no games to pirate if there were no paying customers for the games to be made in the first place.

Essentially pirates leach on fellow gamers that do pay.

ehhh, I wonder what the worth piracy means..

Well without paying gamers there would be no games to pirate. So can we agree that Pirates leach on their fellow gamers?

Odd, I saw nothing about that on their site when I looked. All I see is them saying that the only legal way to obtain Switch software to use on the Yuzu emulator, is to first buy a digital or physical copy on Switch, and then dump your switch's memory to your PC hard drive. There is a section about obtaining decryption keys, but it is not about obtaining them illegally from some website that hosts them, it's about dumping them from your Switch console to PC. In fact everything I see on their site promotes not only needing to own a legal Switch console, but also legally own any software that you use on Yuzu. 

https://yuzu-emu.org/help/quickstart/#dumping-decryption-keys

Though maybe they deleted this guide to illegally obtaining decryption keys after news of the lawsuit dropped. 

Seems to be mostly about Nintendo trying to setup a precedent. Despite the flimsy argument of "No spoilers PLZ", other points can definitely be argued in the gray areas of the law.

And to be frank, Nintendo has the money to drag this out in court loooong enough that the Yuzu Team would have to close door and let the remnants of Yuzu be community managed with next to no financial support.

Personally, the preservation argument makes sense, as long as we're talking about legacy content that's currently phased out or threatened to not exist in any capacity.
Modern emulators for current still in use popular hardware is not it.

Edit : 

Btb, if you're in the argument of morality, looking at Reddit emulation threads revealed a lot about Yuzu's devs, to say the least, not so glowing.

Allegedly stolen codes from other Switch emulators like RaijuNX or early access feature via Patreon.

https://imgur.com/ZWoSZSt (longer thread about said issues here)

Some of the attack points of this sueing in particular might simply target specifically Yuzu LLC for "not covering their ass" like they should have and not an attack to the current emulation scene in general.

But meh, this is internet, no subtlety allowed in this debate on the bigger platform I guess

I consider piracy a lot like driving over the speed limit.

Plenty of people do it without intending any real harm. But if the cop pulls you over, don't cry about it.

This is utter nonsense.  It is easy to avoid spoilers.  All you have to do is not look at them.  I've been gaming since 1982, and have kept up with the gaming press for much of that time.  I have never had a game spoiled for me. Not one single time, that I can recall. And that's because as soon as spoilers start circulating, everybody talks about the fact that spoilers are around. So, I don't look at those things. It's really very easy. It doesn't require any real effort at all. 

Essentially, one must choose to spoil a game for themselves, otherwise it will not be spoiled.  

Profiting from emulation is Legal.

Again, Nintendo uses Emulators for the NES/SNES Classic, Virtual Console and some Switch Ports, they made a profit from that.

The issue Yuzu had was that it's other activities were illegal.

There's arguments to be made for the preservation of older software hasn't been made accessible, or emulating games you bought legally, but when it comes to the piracy of readily available games like TOTK, that's just shit behaviour.

Video games are a luxury, not a necessity or a right, and wanting something doesn't entitle you to take it. If you want something, you should pay your share to its creators.

Why the urge to point out this idea twice in this thread when we all know we're talking about profiting off emulating the work of others?

How?. The whole point of what makes Emulation legal is the fact they write the code to "Emulate" them hardware features in software. I dont know but i would imagine that would take a lot of work. I guess thats why Sony used an already developed emu in their PS classic console instead of making one themself..