Having very briefly looked into this problem a few years ago, my impression of the primary challenge was that of re-implementing a large OS API surface in a non-infringing way.
Looking how some emulators just ask users to copy firmware / software / keys from their real consoles - couldn't the same thing be done and only the hardware layer be emulated?
rpcs3 just uses the PS3s update pup files to install the OS so I imagine there might be a way for newer consoles like that. You can obtain the PS3 ones directly from Sony for use on a flash drive to update the console.