We have no idea what this functionality was originally intended for, but theres speculation that Nintendo might have intended at one point to sell classic NES games packaged on GameCube memory cards in the days before internet-connected consoles allowed the Virtual Console to flourish. Fortunately, in July 2016, this malware code was removed from both the source code and its installers.
However, up to version 2.2, there were major safety concerns of installing Project64 through its official installer after numerous reports on social media websites of the installers containing malware. Dolphin Emulator 4.0 | Animal Crossing | Nintendo GameCube