For decades, several providers have offered online services that allow arcade operators to rotate game titles or purchase licenses online and then install them remotely, for example NESiCAxLive.
The market for new arcade games is a niche market, and it's not easy to break into. Most current arcade operators tend to focus on restoring older equipment and operate primarily through memberships, catering to people who want to relive the experience of visiting an arcade.
The target audience typically doesn't buy arcade machines with the expectation of playing new games. They usually purchase an arcade cabinet with a PC inside, or a system like a Pandora box, which typically comes pre-loaded with several thousand well-known games.
Based on my experience in arcade communities, I doubt that a new system, without a good selection of well-known games, would be of interest to this sector. And the idea of "rotating" or downloading games online isn't exactly a new concept. Whether it will work or not will depend on the games you can offer.