Bochs can emulate X86 quite well. Does Bochs itself bypass X86 copy protection code?

There's two obstacles:

(1) The VM emulation has to be perfect, and the Slysoft and open source emulation is reverse engineered. Reactos is Win32 reversed from one of the easiest platforms in the industry to reverse, and it's not perfect; BD+ was designed to be hard to reverse.

(2) Once the VM is perfect, so that the next 20 revs of Macrovision's protection code can't just go peek at some dark corner of the VM that Slysoft didn't know about, you still have to use that emulator to beat every successive program that Macrovision chooses to run on it.

A major challenge for SPDC, the underlying technology behind BD+, was that it had to be implemented autonomously by numerous consumer electronics companies, most of whom have no expertise in the areas of CS (compilers, virtual machine runtimes, content protection) that BD+ plays in. I expect it to get better over time, not worse.

I think the VM is emulated only well enough to run existing bytecode samples. If a studio can discover a bytecode sequence that executes differently on the licensed and unlicensed VMs, they can use that code in future movies.