Exactly. The whole "emulating the switch" thing for money isn't just emulation. Emulation has always had a touch of piracy because it involves hacking items to run old games on newer hardware but with the goal of preservation.

Charging anything at all makes it pure piracy, and doing it on their latest games obviously is playing with fire. If you are charging money to play Nintendo's latest games, I don't care if you try to label it emulation, that's pure piracy and you just drew a massive target on your back.

Making a copy of a CD to give to a friend is an annoyance to a company, but you probably aren't going to be singled out. Making 1000 copies of the CD and charging $2 for each is obviously piracy and you're going to catch their notice.

They are targeting exactly one person that they are in litigation with.

I don't know about that, they seem to be saying they are looking for his associates (emphasis mine):

In the course of our investigation, we also became aware of multiple other online actors who appeared to have a role in the Pirate Shops. However, we were unable to determine the identity of locations of these other actors with a sufficient degree of certainty to name them in the initial complaint.

[...]
However, because Williams allegedly evaded Nintendo’s attempt to serve him, and then didn’t appear in court, Nintendo argues in its filing that this meant they were unable to find these identities through discovery, and as such is seeking the subpoenas.

What happened with Ryujinx then?