There is an explicit exemption for:

"Computer programs and video games distributed in formats that have become obsolete and which require the original media or hardware as a condition of access."

AKA old console roms. https://archive.org has piles now unchallenged for years as a result.

Copyright enforcement seems often "use it or lose it"

SPAM didn't act fast enough to protect their brand, and once it became commonplace as a term for internet garbage it was considered too late to enforce.

Unless someone like Nintendo makes a new Super Nintendo that can play original cartridges, I don't expect they would do well in court trying to enforce given the exemption and after doing nothing for so long at this point.

I study IP law academically but IANAL. With that said, I think we are honestly at a free for all at this point, and the more people that host ROMs openly, the worse the case against them gets.

DMCA is the only tool people that wish to stop distribution of media have, so it might as well be a blanket statement of legal distribution IMO, and archive.org certainly interprets it this way.