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.