The PCA9548 function can't be implemented in a FPGA, because no FPGA has bidirectional (analog) bus switches as they are used in this device. SDA (and in part) SCL are bidirectional signals, they can't be "switched" by digital buffers without knowing the instantaneous data direction. An FPGA would have to implement additional logic, that determines the data direction from an I2C protocol analysis (e.g. R/W bit), assuming that all peers are behaving correctly.
In any case, the operation would be partly different from PCA9548.