The main reason would be that as a Linux-based device, it will take a significant amount of time booting up every time it's powered on.
On some dedicated devices with a truly simple userspace (dumb init, eudev, and a custom binary service or application) you can wrap it all as an initrd, and run the thing without any userspace bootup. Most won't bother, because it is a lot of work and using a proper Linux machine with all the standard services is easier. But it can be done; I've done it for cluster node benchmarking. There, it did not really shorten the bootup time at all, because their BIOSes often take a minute or so before even reading any boot sector stuff. The real point there was to omit anything unnecessary and unrelated to the benchmarking, really.
I backed the La Frite Kickstarter because its developers
say they will try hard to get all support into the vanilla kernels. That is rare. When I get my mittens on it, I will probably look at minimal initrd-only booting on it (because it is pretty easy when the kernel has all the necessary support built-in). There are many embedded type tasks (like 3D printer control, dumb terminals, displays, media playback devices) that really do not need a full userspace, and cutting the bootup time to a minimum will mean a much better UX. I have no idea yet how fast I can make it, though.
For retrocomputing, I could imagine using one as a peripheral, faking various interfaces via custom microcontrollers and such. For example, if I had an older one with composite or S-Video outputs (say, an original Playstation -- wait, I do have one), I could use one of those USB digitizer dongles to digitize that, and use the HDMI output to display it to a modern display, with an easy way to add my own custom graphical overlays (for whatever else I might need, like system configuration and such).
it's serial RS232 with a built-in adapter that *magically* makes it a PS/2 device
The
PS/2 port protocol is pretty simple, really; reminds me of I2C or SPI. It is no surprise that you only need a small bus driver chip, probably a 8-bit shift register based one, to implement a RS232-PS/2 bridge. But, bit-banging PS/2 on an MCU is not at all hard to do.
If you want to do a proper professional board, look into FTDI
Vinculum chips. The VDIP2 development kit on Mouser looks to be around $30; it has two USB host ports you could use for HID devices. I haven't ever even seen FTDI's development tools, so I don't know whether this is a good approach; I'm only saying that if a professional packaged product is what is in your mind, it might be worth it to look into the FTDI offerings, starting with the VDIP2 development kit to see the Vinculum chip capabilities.