Errr they want real TPM functionality. Emulation kinda nerfs the whole point of it. It's a hardware key. If you could just emulate it what would stop you spoofing it?
Edit: autocorrect TPM
Edit: autocorrect TPM
I have not found good docs on what TPM exactly does in Windows 11, but people I trust tell me to distrust it, so I do.
One could conclude that they are requiring TPM so they can eventually turn on BitLocker by default.