It is the custom logic IC that generates the sound, but in the original cards, the (low-fi) DAC also contributed to its audio quality.
Of course, people use these eurorack modules for the DIY and tactile hands-on experience. I get that. However, sound-wise, a lot of the hardware geeks are still convinced that software does not (and/or will never) sound the same, even for "digital" chips like the YM3812/OPL [1] !
What is “the same” ? And to whom ? These are the nuances.