Ah, that makes sense. Are the keys in title.keys specific to the instance of the game you bought or is there one key (that you could get from a website/torrent/etc) that works for all copies of a particular game?

I'm asking because if you'd have to buy the game anyway, then I don't see how Nintendo would even have a revenue loss from the emulator. If there is no revenue loss, then the decision seems to be solely about control.