Nintendo Power offered a compilation CD called “White Knuckle Scorin’” in 1991. I don’t remember how expensive it was, but I never considered actually ordering it because it seemed to be just a bunch of boring mainstream music.
However, I found out years later that one song on it was actually about Super Mario Bros.
Back when MP3.com was a huge repository of independent music instead of whatever it is now, one popular song was “The Legend of Zelda” by Rabbit Joint.
Trauma’s short Forbidden Forest arrangement is a good one.
One of my very favorites doesn’t seem to have any source for me to link, unfortunately. It’s Makke’s “Lazy Jones” arrangement, which tells the story of someone who spends a lot of time in arcades.