To be honest, I can’t see any useful info to diagnose the problem. The screenshot only says “Main process exited”, no further info available. I don’t think any one can give you useful suggestions.
I would compile EmuELEC from source code if I were you.
The problem is that you violate the permissions of the content of that cpio archive
If you run cpio directly, no fakeroot, then the packed files will have your user as the owner
Use fakeroot to invoke cpio so the content of the initramfs will have 0:0 as owner
Also, the dev file dev/console should be created with correct major:minor pair