I wouldn't be quite so pessimistic, depending on which era of PC you want to emulate.
Wikipedia's list is missing various light-weight 8086 emulators, including pcemu (which includes a BIOS and boots FreeDOS AFAIR) and x86emu (often used for card-BIOS execution on non-x86 platforms). Even writing an 8086 emulator from scratch isn't exactly rocket science and has been done several times.
Furthermore, I'd guess that at least of some of our targets have more than enough horsepower to emulate a late-80s / early-90s DOS PC with, say, a 16 MHz 8086.