A more sophisticated attacker could plausibly extract key material from the TPM itself via sidechannels, and sign their own attestations.
But the main point there is that this setup is prohibitively expensive for most cheaters.
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)