Something alluded to, but not really elaborated on, is what the motivation is for emulating progressively newer CPUs, versus virtualizing them. With old hardware, the sort I imagine 86Box is mainly used to emulate (it's how I use it, anyway), old OSes rely on specific behavior of old systems and peripherals that can't be easily virtualized through KVM + QEMU or the like. A mixture of processors being too fast and beh…
I wonder if in some sense there isn't a market for someone to just make new motherboards instead for this stuff using modern parts. I realize there are some licensing issues after a certain point, but in theory everything up to a PIII should be doable. Particularly since memory controllers are in the chipset there are options to use things like modern ram chips and then 'downgrade' performance to be compatible in the chipset. This could also be used to allow for modern M.2 SATA drives to be run in IDE emulation mode locally or even have SD/CF options directly on the board.
The main downside at that point is space of course, hardware always takes up more space than an emulator ;)