I’m still very curious what consumer segment ends up picking this up. It’s $250, and I would assume you can just get an actually N64 for like $30, no?

Sure, but you're not factoring in all of the price factors that come associated with playing that on a new TV or complicated AV system. This comes with HDMI output built in, and will have scalers and other amenities for QoL usage in 2024. The sad truth is that it's actually pretty expensive to have an AV setup that is designed to handle old consoles, especially with how TVs have not properly supported lower-res content for a long time.

Fact of the matter is some of the best scalers with low latency that you can buy are nearly $2k US, and even the cheaper or more budget options are more expensive than the $250 price tag that this targets (the OSSC, for example). I wish this wasn't the case, but the Analogue 3D and equivalent reimplementations are actually super important for people who are still interested on playing the closest to "real hardware" in 2024.