The legality of emulation was strongly upheld under pre-DMCA copyright law in U.S. court decisions where console makers lost against emulator developers.
However, the DMCA gave plaintiffs a whole new set of tools to prevent interoperability. Lots of interoperability and emulation cases have been lost under the DMCA. The DMCA radically limited the prior legal norm that you could create a compatible implementation of a proprietary technology from scratch.
If you agree that there should be a right to reimplement a third-party version of a proprietary system/technology/format/protocol (including one that uses some kind of secrecy to attempt to enforce DRM), you should oppose DMCA §1201.