tl;dr version: EarthBound will not be released in the virtual console due to copyright issues. Probably ever.
Begrudging Reggie and NoA is now pointless. This country became very sue happy. So upon releasing this game, there will probably be lawsuits. At least this is what Nintendo thinks. They don't want to risk being sued for minor pop culture references.
A list of references that could endanger EarthBound and NoA
I looked into the positive side: I imported Mother 1+2 earlier
And finally, here's a comic to go along with this situation: