Not a lawyer but I believe in the US this would be legal as you are granting the use of the original license and not duplicating any content for simultaneous use by others.

What I would like to see is a gentlemans agreement of sorts where companies agree not to come after people for playing pirate, emulated or archival copies of games that are decades old and not for sale in any format anymore. I guess this is somewhat encompassed in the framework of “Abandonware”.