There's lots of knockoff console replicas out there, but most of them are software emulation running on the moral equivalent of a Raspberry Pi, and the rest are often quite inaccurate approximations of the original hardware, with many incompatibilities with published games.

Without access to the original designs, hardware emulation is in the same position as software emulation: you need to do a ton of research and development. A company called Analogue[1] makes FPGA recreations of a few classic consoles, but they're pretty expensive, and took a lot of effort to design. In fact, byuu (the author of the OP) was consulted fairly heavily during the design of their SNES reproduction.

Basically, if you have to do a lot of research anyway, you might as well go with the product that has zero marginal production cost (i.e. software) and save yourself a bunch of manufacturing expenses for the same result.

[1]: https://www.analogue.co/