CollegeBoard actually has a wide range of calculators it allows for the SAT (https://collegereadiness.collegeboard.org/sat/taking-the-tes...), but very few test takers take advantage of this.
TI graphing calculators are based on sufficiently old hardware that it is probably faster to emulate a TI calculator on something with the power of a Raspberry Pi. Indeed an open source third party emulator already exists (https://github.com/CE-Programming/CEmu). Does anyone know what the legality of selling a calculator that is a dedicated emulator of a TI graphing calculator (not just an online one like Desmos, but a purpose-made physical calculator that does nothing else)? I'm curious why this hasn't already been done before.
EDIT: I mean a dedicated emulator that can do nothing else but be a graphing calculator, e.g. not something on a smartphone.
Probably for exactly the reason you're asking about: legality. There's no way that the licenses of the TI calculator software allow for this.
The whole situation seems very path dependent. There's probably no particularly good reason why you even need a graphing calculator. It's just sort of become the default.
Could you sell a calculator, and say "hey this calculator has no software on it, but you can dump your TI ROM onto it and it'll run" kinda like how emulator software is handled on computers? Probably.
Can you just straight up rip the ROM and start selling that on an emulated calculator? Almost certainly not.
Although it'd be interesting if the calculator had a one-time flashing capability that allowed you to load an emulator once and then make it immutable and there was a way for schools to inspect what was loaded.