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We could already theoretically simulate a universe; our only limiting factor is the amount of power we have available to us.
It might not be identical to our own universe as we are still missing the necessary knowledge to do that, though who’s to say our host universe has the same laws of physics etc. as ours? It’s not necessary to simulate our host universe, though rather a universe with a specific set of parameters that we decide on.
That specific set of parameters were likely chosen for our own universe.
We can model things and call them “universe”. But that’s about it.