The object model in QEMU is from 2007-2011. Internally there isn't a lot of inheritance (it's pretty shallow), but yeah I guess "is-a" is what was in vogue at the time.
However there is a reason to have the object model, and it was added because some things were getting out of hand. You had to write three parsers for everything you added: one for command line, one for the text-based command interface and one for the JSON API. And you had to do it once for each kind of "object" (device, network backend, disk backend, character device backend etc.). The object model is designed to let you write code just once for all three and to reuse the interface across object types.
There are exactly none, but there was a time during the mid- to late-90s when it was hip to implement OOP frameworks on top of C (C++ only really became a realistic option once C++98 was widely supported which took a couple of years, ...also there was such an extreme OOP hype in the 90s that it is hard to believe today - EVERYTHING had to be OOP, no matter if it made sense or not).
QEMU seems to be from around the end of that era (first release apparently in 2003), and looking at the code it looks exactly as I imagined, with meta-class pointers, constructor- and destructor-functions etc... it would almost certainly be better to use a simple non-OOP C-style, but that was an 'outdated' point of view at that time (since everything had to use that new shiny OOP paradigm).