You don't need a "hardware cheat"; just a program that reads the memory representation of stuff. This is nothing new and already how many cheating tools work, and is exactly what all these anti-cheating things are designed to prevent.
Even having CE installed on your machine - or software like IDA or Olly back in the day - is enough for some games to immediately permaban you. In some cases, having virtualization enabled and having VM software on disk (VMware, wsl2, etc.) can trip up some anticheats.
The average player isn't a developer and doesn't need such things, so some game devs defer to the side of caution. The false positives are a miniscule and acceptable fraction of players.
