There are actually game console emulators that do transpilling[1] as well.
Anyway WINE originally stood for WINdows Emulator, which was reflected by the old FAQ still referring to it by that name.
Whomever came with backronym "WINE Is Not an Emulator" was simply wrong, and current FAQ actually tries to defend it, but then ultimately at the end states that more accurately it should be "WINE Is Not just an Emulator", because it does more than just emulating (for example it comes with Windows components, that you could even run on original windows).
I suppose they wanted to distance themselves from the notion that an emulator has to be slower, but this is not true. The ShapeShifter for Amiga was actually faster than MacOS with comparable hardware. Similarly all modern VMs now utilize hardware support so you're getting a native speed.
[1] not sure if this is the right word, since transpilling typically is used with source code, and I believe we are talking about translating machine code to another machine code.
These two things are largely orthogonal. WINE also provides Winelib, which lets you compile a Windows application into a Linux ELF binary--doing the second thing without the first one.