People love to talk about private copies to be legal, but in reality, they're not as soon as you have to crack protections for it. That's what the DMCA protects. I'm just talking on a legal standpoint, morally I obviously have problems. I ain't defending Nintendo here.
But whether you like it or not, while the cause for leaked ROMs are not because of the emu devs, emulators are still used (and very objectively) on those and that's enough for Nintendo to attack them, and this isn't illogical no matter how you see it, unfortunately.
You're absolutely not talking on a legal standpoint here. Sony already tried this and lost. Emulators are legal. Nintendo gets away with it because these small dev teams don't have resources to fight back, not because they're doing something illegal.