This has always been one of my favorite jokes was the ingredients on that product. The brand in my grocer uses "mechanically defatted partially defatted fatty tissue". The mechanical part has been a curiousity to me for many years.
You can make good potted meat though. Helen Witty has an excellent recipe for potted ham. Haven't tried her potted shrimp yet.
When I was kid growing up the local butcher used to make his own potted ham hock that was truely delicious. Spam? Don't care for it much myself but some must like it. Hormel has been making it for a long time so there is still a market for it.
Did I read somewhere recently that there is a Spam museum in Hawaii?
This is probably very simplistic and very stereotypical, but I once read that Spam was such a hit in the Hawaiian Islands because it's rich porky fattiness appealed to the atavistic longing for human flesh present in the gene pool of some of the inhabitants.
I always thought a Peking ravioli, with it's overtones of ginger and scallion, would be more like it. But it might depend on the cut......
I remember the old saying from the pork industry was-"The only part we don't use is the squeal". It sound good but the details get a little messy. Or the other one-"The less you know about politics and sausages the better you will sleep at night". Its' my opinion that since people rarely go and kill their own animals and that if they saw what went on in processing plants or had to dress their own meats that America would be a country of vegetarians!