Can a TPM be faked in a QEMU VM?

We don't allow games to run in virtual machines and require TPM. Check TPM EK signing up to an approved manufacturer.

It is not "fake", a software TPM is real TPM but not accepted/approved by anticheat due to inability to prove its provenance

(Disclosure: I am not on the team that works on Vanguard, I do not make these decisions, I personally would like to play on my framework laptop)

Technically yes, but it would produce an untrusted remote attestation signature (quote). This is roughly equivalent to using TLS with a self-signed certificate — it’s not trusted by anyone else. TPMs have a signing key that’s endorsed by the TPM vendor’s CA.

Yes! https://github.com/stefanberger/swtpm