PowerShell 7, 133 127 126 124 120 119 117 106 bytes
Takes input as an array of directives; the output is a TIO-Compatible PowerShell program.
'$a=0;switch($args[0]|% T*y){'
$args|%{$1,$2,$3=$_
"$1{`$a="
$2[1]?"""`$a*""*$3+1|iex}":"`$a$2$3}"}
"}`$a"
Link is to a 120-byte TIO-Friendly (PowerShell 6 and below) version of the code. Try it online!
Explanation
'$a=0;switch($args[0]|% T*y){' # The first part of the interpreter sets the
# accumulator to 0 and switches on the input
# program's characters. Switching on an array
# in powershell processes the switch statement
# for each element.
$args|%{$1,$2,$3=$_ # For each array in the input array, set $1,
# $2, $3 to the first, second, and third
# element, respectively.
"$1{`$a=" # output the case for the letter of the command
# start the case with setting the accumulator
# equal to whatever else is in this case
$2[1] # If the second character of the command exists
# In other words, the command is '**'
?"""`$a*""*$3+1|iex}" # Make the body of the case a special way to
# calculate powers in PowerShell which is
# shorter than [Math]::Pow - effectively
# builds a string representation of the
# calculation, then evaluates that string.
:"`$a$2$3}"} # If the command isn't '**', we just make the
# command '{accumulator}{command}{number}'
# for example: '$a/3', making the whole case
# '{$a=$a/3}'
"}`$a" # Close the switch block, output the accumulator
Output
Outputs a very ugly interpreter; for the example input provided in the challenge, the interpreter looks like this:
$a=0;switch($args[0]|% T*y){
a{$a=
"$a*"*3+1|iex}
b{$a=
$a*2}
c{$a=
$a+15}
d{$a=
$a=0}
e{$a=
$a/8}
}$a
And, of course, Try The Output Interpreter!