Lots of different arcade games are based off of different architectures. Sometimes there are arcade boards that are based off of the current consoles, but that's usually to help make porting it to the console that much easier down the line.
NeoGeo had their console that was basically the same as as their arcade board, and that was so they could bring their arcade games home.
Lots of arcade games were made using beefed up game boards that were based on PS2 so games could be down ported easily.
Sega made F-Zero AX on an arcade board (tri-force) that was based on the GC so that they could bring the game home - F-Zero GX.
There are so many different arcade boards out there, that each game that was going to be an Original would need a ROM dump on an emulator made for that specific game. That shouldn't be too much of a problem since each VC game comes with its own emulator attached.- which is why there is no NES channel or SNES channel or Genesis Channel