Piracy in the sense of people downloading the ROM, instead of bothering to rip their old games, yeah.
But i mean people mostly emulate old games, many merely for nostalgia (so games they owned at some point), and then a percentage of it goes to emulating old games you didn't own, but that are hard to find anyway, because particularly old.
I never understood people bending over backwards to pay 180$ on ebay for a copy of a game they could get a rom of, on an ethical level, it's not like the developers are seeing a dime, even if you think Nintendo is struggling for those 30 years old revenue streams.
Emulation of contemporary games seems like a minor thing, since emulators for modern consoles are mostly garbage.
Personally 90% of the retrogaming i've done was for nostalgia, playing games i owned.
But then again i'm not into old (SNES and prior) games in the first place.