As the title says.
I have tried this and it works, but it does have some limitations.
It is max 26 inputs.
It should be good with a two player cabinet, joystick, six action buttons, start, and coin for each player.
That leaves 2 more, which I configured on my setup as ESCAPE and PAUSE.
I tested it by plugging it into my game PC (via USB).
I hooked a jumper wire to a ground terminal on the Pico, then touch each input with the jumper wire.
All inputs registered as keyboard presses.
Whats so hot about this? Price tag! 5 bucks on amazon.
I plan to test it in game play with my next build, which may be a while.
You will need to install circuit python and adafruit_hid on the Pico.