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You only need a bare minimum host controller (USB 1.1) to accept a keyboard, and hardcode everything in the firmware to assume one. A suitable MCU is pretty cheap:
https://hackaday.com/2018/11/30/new-part-day-the-twenty-five...
Looks like someone already made (at least the source) for an adapter based around that MCU family available:
https://github.com/zhuhuijia0001/ch559-usb-host
As for relative lack of availability, I think that says more about how many people want to use an old keyboard with a new computer (semi-common) vs. a new keyboard with an old computer (rare).
Another possible mod for the keyboard, although purists would possibly not like it, is upgrading the controller board so that it speaks directly USB. Here are some pages I found on the subject:
https://github.com/mschwingen/hardware/tree/master/modelm-us...
https://blog.lmorchard.com/2016/02/21/modelm-controller/
https://www.crackedthecode.co/how-to-supercharge-your-ibm-mo...