1. DOSBox focus is on DOS games and nothing else. All other PC emulators never exclusively focused on DOS games. The developers of Virtual PC (Connectix) and DOSEmu did do a little bit of work on supporting games but nowhere near the level of DOSBox.
2. LOTS and lots of testing. Thousands of games have been tested in DosBox and there are alot of testers. Without these games and testers DOSBox would not be anywhere near as compatible as it is.
3. DOSBox emulates the processor where almost all other emulators virtualize the processor. DOS games can run on today's modern processors without emulation but the problem is that the speed of modern processors is too fast. (Not factoring in the OS here) Old games do not run well with faster processors.
4. Experienced developers who only add what is needed to DOSBox to get games to work. No unreleated code or extra features that would make things more complicated or bog things down.
5. DOSBox uses SDL which allow DOSBox to run on multiple operating systems thereby increasing the number of users willing to use DOSBox which increases the number of users submitting problems with games. Most emulators do not have as much host OS compatibility as DOSBox does.
6. DOSBox is GPL and can use other GPL code. Since all code is open anyone can submit a patch and it will be approved if it improved DOSBox for game compatibility.
7. VOGONS forums. Provides an easily readable meeting place to discuss DOSBox issues and to remove unwanted elements that could interfere with DOSBox development. (Sourceforge DosBox forums were a mess and old DOSBox beta forum was on a seperate forum). Also the other forums here discussing DOS issues on real hardware and the people with that hardware has improved DOSBox compatibility.
Virtual PC/Vmware are okay for Windows 95+ games for GDI/DirectDraw but they are nowhere near perfect and I'm sure in the future as 9x is dropped from VPC/Vmware other better emulators will take their place. For instance the preliminary DX 8.1 support in Vmware is only offered for 2K/XP guests. Not 9x guests. Even if VPC/Vmware do improve their DX support there is no way they will offer it for 9x guests but since the demand is high it's very likely an opensource emulator like Qemu/Mabye a DosBox fork, etc will offer these features to 9x Windows.