Originally Posted by Zetr0
An FPGA is a real physical CPU
Yes but in this context it is emulating a different cpu. The 68000 is a real physical piece of hardware... the FPGA is also real but it is not a 68000 it is pretending to be one. The technicalities about how the logic gate functions are (almost) identical are irrelevant.
As a tangible object it is not a 68000 as manufactured by Motorola, therefore it is emulating one.