With the last two big things I've heard about (Yuzu and... Dolphin, I think?) they were legally in the right, but at least where I live there is absolutely no way to spin a recompiler + asset extractor as something illegal - they can't even claim the developers are circumventing DRM, because OOT and MM didn't have any.

Though, I would not be surprised if there's something in US law that can be exploited for this.