Other than Dr. Wiley lookin' like fuckin' Mark Twain, that is pretty sick. Actually, fighting Mark Twain would be sick, too.

No, it was inaccurate, even at the time. The Famicom was built to cost and and mainly used cheap off-the-shelf components that were already obsolete when the system first released in 1983. The NES released in North America the same year as the Commodore Amiga, a system that actually was cutting edge, and represented a big leap forward in what home computers could do graphically. By the time Mega Man released, the Amiga was on it's second revision and other home computers were rapidly catching up to it's capabilities.
While Mega Man was one of the best games on the NES, it ran at the same resolution as every other game on the system, and was stuck working within the same limited color palette and low sprite limit that were more than five years behind the curve when it released.

I love bashing AI art but in AI art it's usually the details that you spot at second glance that makes it fall apart. The Mega Man cover is just fundamentally messed up to a degree where even AI art is miles ahead.