If Nintendo had spent one-tenth of this much effort making their old games easily available to legally purchase, imagine how much cash they'd be raking in.
Profiting off of an emulator aside, like Gabe Newell said: piracy is a service problem.
Like, maybe an argument could be made that Switch is still a current system and games can often be played on emulators on day 1, sometimes even before release because of leaks. Yet, it's current now, but what about 10 years from now? 20? I don't see much objectionable in the means of preservation already existing. That these means can be abused is imo not a strong argument for them not existing.
Because Nintendo loses out on sales? Nintendo claims 1 million folks pirated TotK, supposedly because of Yuzu. I can believe the pirating bit. The Yuzu but not so much. But Nintendo also claims those are also 1 million lost sales. And that I don't believe at all.
I don't pirate, but as an emulation aficionado I hang in places frequented by pirates, and when I see pirates talking about what motivates them to pirate the vast majority, like at least 90+ percent, are motivated to do so because A) they plain don't want to pay for games, B) they can't afford it due to poverty and/or getting priced out due to regional pricing, or C) the game is either not easily or outright not available where they live.
A) won't buy TotK either way. B) probably can't. And C) probably can't either. So how many sales are actually lost there?