A missing part of the debate on Amico above is the appeal to developers. There is none. Having game prices capped at $7.99, content restricted to E10+, requirement for games to be exclusive thereby limiting upside, and lack of both Unity and Unreal support will make development harder, more expensive, and with less commercial potential than almost any alternative platform.
The opportunity cost and risk are high relative to the limited upside, which just doesn't make this platform a good place to invest time and resources. Especially when the likes of Apple, Google, and Epic are throwing around money to bring content to platforms with much bigger upside.
Ditch the hardware and just fund the revival of those old classic games he wants on existing platforms...much less of a barrier to entry.
This would have been a better play - revive the brand as a digital publisher of casual and hyper casual games on mobile and web, including reinvigorating their classic licenses. Still a challenging marketplace, but massively more viable as a business model than where they are headed.