This is the opposite of Haiku-OS, for example, which tries to provide at least the minimal amount of drivers, and some people are using it on real hardware.
It was actually a really interesting decision, to concentrate all efforts on the fun parts of OS development, and completely ignore the 80% which is boring, frustrating, and requires a large continuous investment to stay up to date with the latest stuff. Looking at Haiku, they have been working on their OS for decades now, and still aren't in a generally usable form.
I'm not sure what a QEMU-only OS is actually good for, other than playing around with it, but maybe I'm not the target audience :)