However, is MCP actually running directly on modern hardware or is it being emulated through multiple layers?
Of course, you can use my own argument against me that the ports of Spice 3 and Magic to modern hardware are hardly the same program as 30 years ago.
The same reason for a lot of what's in open source. See PHK's A Generation Lost in the Bazaar for some truly unimpressive stuff.
"However, is MCP actually running directly on modern hardware or is it being emulated through multiple layers?"
x86 is emulated on a custom RISC machine. So does it matter when saying whether x86 is a proprietary ISA that still dominates desktops? MCP is proprietary software whose apps keep running for decades regardless of what hardware they're running on. Like other mainframes, the AS/400, whatever. I hope you're not looking for loopholes around the fact that proprietary software can last decades if it's mission critical, supported, and hard to move off of. It can and does in quite a few cases.
"Of course, you can use my own argument against me that the ports of Spice 3 and Magic to modern hardware are hardly the same program as 30 years ago."
I can't since I don't know enough about them. The mainframe and futureproof markets for software try to maintain backward compatibility with stuff you don't change. So, the part the app runs on is probably the same with who knows what underneath. Sometimes that part is ported, emulated, virtualized, etc. Varies. API and software above stays the same.
Profit? Sure.
Longevity? Not even close.
Things like the Spice3 circuit simulator and the Magic VLSI editor can continue to exist and run 30+ years later solely because they are open source.