You're saying that no-one gets hurt when pirates "steal" games, but people clearly do. You can argue that you don't have a moral obligation to them, but that is all debatable.
I don't think that is a fair claim to make, and yes purchasing physical goods enables you to resell them but prices don't enter in to that equation. You have the ability to resell PC parts, but in 10y they may be next to worthless, hence we know that ability/right to property isn't contingent on making money. So how can then emulators be immoral on the basis that they don't provide the second hand market money? They can't, they're not on this front.
Never say never, all that sealed Voodoo stuff I brought for a buck each in 2015 is looking pretty smart now. Might take 20 years to get there, though. But thats software vs hardware anyways. You can't pirate a bike...
The only circumstance left here is emulating a game now denies Nintendo money from when they sell you the game in the future, which maybe is true, but I'm not sure whether using such causality as a metric to actions is a fair method.
Nintendo disagrees, Ubisoft said the quiet part loud when they said that Nintendo told them to hold off on MvR 2 because it will just compete with the first one. And lo and behold, MvR 2 underperformed.
But the "stealing code" part comes back to whether or not you have a moral right to use the code of products that you've purchased to use the product that you've purchased. We aren't talking about stealing code in the sense of taking it and using it for your own application, or to sell it, we are talking about dumping the code of a game you own and have the right to play.
But are we, really? We're talking about downloading and playing data that someone else had uploaded, probably of a game that you haven't purchased. A lot of the hypotheticals you propose are both US legal and not what we're really arguing about.
This just demonstrates emulation is fine as long as it's not being used in crimes. So suing Yuzu over emulation is stupid, suing people that commit crimes better.
I've said that what they have done is probably legal four or five times now.