Low-level debugging, older games (so many consoles have used everything from MIPS to PowerPC as CPUs), etc.

In the early 2000s, I used a linux-based emulator to virtualize some ancient manufacturing hardware control software that was still running on EOL and very expensive PA-RISC kit. It saved the company tens of thousands of dollars in new hardware, while also running faster (it involved early 1990s-era proprietary vector graphics as part of it was printing on the goods). The HP sales people were not amused and tried very hard to get my 22 year old self fired, but my manager convinced them to use it and the old hardware as a backup for awhile. Last I heard in 2011 it was still being used, though running in linux on VMware.