I agree, the VC titles are extremely disappointing, especially when you see what's available in Japan. There are only about 5 "major" titles, and the rest are split between very niche titles, and games that I can't imagine anyone is excited about. Plus, they released Tennis today. I'm sorry, but when it comes between Wii Sports Tennis and Tennis for the NES, even nostalgia can't save the latter.

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I'm wondering if its a technical, licensing or marketing issue.

I'm guessing the first two. I doubt they're doing any marketing. But the conversion to the Wii is probably not as easy as a lot of people are thinking, and someone always has to get paid for these sorts of things. Figuring that out for games that are so old has to be difficult. That's where your list becomes problematic: "Excite Bike, Punch Out, Contra, Mega Man." The first two are Nintendo, and the second two are third party. I assume it's harder to work out the licensing for those.