Why isn't there any funcional Xbox Emulator?

[Donel]

I know this question has been asked tons of times, but here we have some very experienced developers.

So I ask you, why isn't there any funcional emulator right now if the, let's say, PS2 architecture is more complicated and it already has one?

I've heard from some devs that its architecture is maybe even more complicated than PS2's. I don't think this is true, but who knows.

Maybe it is just a lack of interest?