RetroPie's BT pairing is geared mainly to input devices (gamepads/keyboards) and may not work properly on Audio devices. Try to pair manually using bluetoothctl - https://wiki.archlinux.org/title/Bluetooth.
You may also want to replace pulseaudio with pipewire-pulse, since Pipewire has replaced Pulseaudio in the latest RaspiOS (and other Linux distributions).
If you don't succeed, try installing the RaspiOS desktop image, which has the Bluetooth pairing utilities on the desktop and installs the necessary audio packages. Once you make it work, you can disable the graphical desktop and boot to console to start EmulationStation.