Trouble is that sort of hardware is getting rarer these days, someday you won't be able to get it at all.
if there will ever be an alternative I'd suspect the Pi Foundation to do it, having a Pi computer that could completely take over the functions of Windows 98 and XP with the Nvidia Vulkan drivers would be useful for PC gamers looking for a PC that can run old 32bit and 16bit games better.
since Pi PC's will never be as powerful as the general desktop or laptop computers on the market,
it makes sense that they do the next best thing, retro gaming.
Yeah you are right, hardware will eventually get rare as time goes on, but that's just another reason why people should repair and reuse instead of recycle or throw away.
Either way as long as there's hardware outside i will still consider running games on real hardware better than emulation in every way.