Wait are we arguing that the owner of something isn’t entitled more than someone who bought it?

FTFY. The problem is not with Nintendo being against emulators because of piracy, they’re against emulators even if you own the game and the hardware but want to preserve the hardware (just like they do in the museum).

And if the counter-argument is that you don’t own the game when you buy it, then by that same logic you don’t steal it when you pirate it.

If Nintendo were only showcasing games developed AND published by Nintendo, that might be the argument.

They’re not though, some of the games they’re showing they didn’t develop or publish.

Nintendo says emulation is transformative, that due to the recompiler, it’s a new work. Do they have permission from all the rightsholders for third party games to make a transformative work?

Do they even have the permissions from artists who might have licensed their work to Nintendo for X game, but not for the newly emulated ‘Y’