You have to be talking about SerialPort.GetPortNames(), "GetPortList" doesn't make sense. The function iterates values in the registry, written there by your USB emulator device driver. You can have a look-see with Regedit.exe, navigate to HKLMHardwareDeviceMapSerialComm. Unplug it, press F5, if the COM port is still there then SerialPort doesn't know any better than the port still being present.
There is no prescribed behavior as to how a serial port device driver should behave when the port suddenly vanishes. Serial ports are very primitive, they date back to an era where "bug" meant a moth gumming up the teletype. There is no hardware support at all for Plug and Play, removing a port with the power turned on is equivalent to unplugging the disk drive while Windows is swapping to the paging file.
Most device drivers return an error code, it generates an uncatchable exception that crashes your program. The subject of this feedback article. Apparently your device driver doesn't do that, which ought to be preferable over bombing your program. Encouraging btw, most USB emulator device drivers are utter junk.
The ultimate workaround is simple: put a little tag on the plug "don't disconnect while in use!" It's kinda of a problem with USB, most people look at it and go "hmm, what can I do with it?". And arrive at the only answer and unplug it. After a couple of kabooms, they'll learn to not do that anymore.
与恶龙缠斗过久,自身亦成为恶龙;凝视深渊过久,深渊将回以凝视…