QEMU runs the 'seabios' bios image in the guest, so you could certainly run a 'bare metal' custom image instead of the default BIOS blob if you wanted. At the basic level of "prod the UART, prod the timers" we should be a reasonable match to real hardware. Running on real hardware without the BIOS would be trickier as you start to need to do things like set up memory controllers, which you can get away without on QEMU.