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Here's one with a 250MHz 8051: https://github.com/flowswitch/phison/wiki/PS2303
They don't need anything as powerful as ARM (and thus avoid the licensing fees), and it's a very price-sensitive market, so a fast 8051 + accelerator hardware is enough.
No doubt some of the more expensive ones may be ARM-based, but I think the 8051-based ones far outsell them in volume.
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That is, reducing the number of LUT required to implement a CPU of a given ISA.
A basic RV32 CPU is down to 500-700 LUT.
https://github.com/YosysHQ/picorv32
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https://github.com/olofk/serv
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Projects
Ted Fried's MicroCore Labs Projects which include microsequencer-based FPGA cores and emulators for the 8088, 8086, 8051, 6502, 68000, Z80, Risc-V, and also Typewriter and EPROM Emulator projects. MCL51, MCL64, MCL65, MCL65+, MCL68, MCL86, MCL86+, MCL86jr, MCLR5, MCLZ8, MCL6809, XTMax (by MicroCoreLabs)
There is a difference, but not much!
https://github.com/MicroCoreLabs/Projects/tree/master/MCL51