The issue is implementing the features for the hypervisor’s emulation system without Intel-licensed hardware or software.
How about FX!32 or it’s latest AArch64 cousin seen on Windows 10?
Of the above, qemu can target x86 and run on anything, Virtual PC ran originally on PowerPC, and FX!32 ran on the Alpha
It usually takes 4-5 years to design a chip, and if Apple planned on releasing the Mac CPU in 2020, well...
Intel’s position amounts to cage rattling and vague insinuations that efficient execution of x86 code is impossible without hardware support. That’s nice, and their ham-fisted approach already hurt customer choice in the past (Transmeta and nVidia Denver, before the later implemented the Arm ISA) but the Windows on Arm solution is completely software and not coupled to any specific Arm chip implementation.