I COMPLETELY agree it defeats the purpose of FPGA. "Why not just use a PC or Pi3/4 for 32x emulation" is what echos in my mind as well as many others. Still, with the recent Smokemonster interview, I remember mention of emulators being possible on MiSTer, and thought about reasonable use cases. Scumm VM is very convenient, and Doom [for me] is more a 'nice to have', but 32x is the ONE other exception teetering the fence that might be welcomed in ARM. Unless people say "don't bother - a 32x core is inevitable, but it will just take time." Maybe it will evolve from Arcade cores one day (if the 32x uses some of the same chips), but obviously it is not for us players to mandate developers' projects. We can only dream and wish out loud if we aren't making cores ourselves.
Saturn is unlikely in FPGA (or ARM based emulation), and Dreamcast and beyond is maybe a 'Mister 2 or 3' hardware future. I know 32x for many falls into Virtua Racing realms- even if you don't often play it, the all-but-one game support triggers the OCD in some of us. 32x is its own console, yet relies on the umbilical cord of Genesis/Mega Drive hardware. Now having near(?) perfect Genesis in FPGA, the 32x is just kind of standing there like the step child hoping to get in the frame of the family photo. Hopefully it will get some love one day.
In the mean time, I'm working some TLC on my official Sega 32x hardware's video issues, so 32x, you are still loved.