The POTCO community is one that definitely stood the test of time and definitely evolved, with that Founder Status did also.
I guess when Founder Coins were first introduced they were different than how they are perceived to be now. As the game aged, Founders were pretty rare, or atleast in my case. Whenever I saw a Founder I immediately dropped what I was doing and went to greet them (like a noob xD) like they were gods. And I believe that Founders were perceived to be like gods in the game, in a certain sense. I think that everybody is getting excited because about 90% of us were not Founders and now with these emulators then we all have a equal chance or a higher chance to get Founder Status.
As for how it should be done. I don't think it should be awarded just to Alpha Players, because lets be honest 99.9% of all Alpha players got their key by sheer luck, for example I got my key from a very generous person (luck). Only the first 5 challenges really required any kind of skill. So if it was to be decided that only alpha players with a key are to get Founder Status then it would be really unfair to the others. In my honest opinion I think that as it was stated above, it should be awarded to those who play within the first week or weeks. That way, it gives everybody a fair chance of getting it, but lessening the chance of everyone running around with a Coin which really takes away the "lore" of Founders.