Re: But... why?
Nearly all games of the Win95 era were MS-DOS games, and for that we have FreeDOS.
For the few games or other programs requiring Windows 95, why not just run actual Windows 95? Why re-implement it? Nobody is going to be breaking down your door for dowloading a copy.
FreeDOS had some legitimate utility as many firmware upgrade programs and similar still ran under DOS when it was developed, and they indeed shipped them together with FreeDOS for several years. But who, today, has a big market for a product that needs to run on Windows 95? Who hasn't ported to newer platforms or gotten things working under emulation or other compatibility layers?.