Earlier I saw someone talking about Super Mario All Stars on SNES, and how it was a sort of meta representation of the way games on SNES were marketed. The same franchises everyone liked on NES, just new and improved. It got me thinking about the direction Nintendo has taken over the past 10 or 15 years, and to be honest, the same theory still applies.
The Switch is obviously a success as a console, but the situation with new IP still remains the same. The biggest recent Nintendo franchise is fucking Splatoon. Yes, it's a decent game, but compared to the vast collection of Nintendo franchises of the past, does it hold up when compared to giants like Zelda, Mario, Metroid etc? I don't think it does. New stuff is pretty scarce across the board, even when you look at releases on the Wii consoles and DS. Animal Crossing and Xenoblade are the only other two recentish ones I can think of that have any real potential to be future big sellers for Nintendo.
This is not the only issue with Nintendo franchises either. You expect to see a new Mario or Zelda game on a new console, but they basically ignore a lot of their other big games. As an example, how many Mario Kart games have been released since the GameCube? A fairly ridiculous amount. In contrast, there hasn't been an F-Zero release on console since the GameCube came out. The most recent F-Zero game came out in 2004 on Gameboy Advance. At this point, kids must play Smash and wonder why there is a character called Captain Falcon that isn't in any other Nintendo games. Star Fox is kind of similar, with over ten years in home console releases between Star Fox Zero and Star Fox Assault on GameCube, but by all accounts Star Fox Zero is pretty bad anyway.
Is Nintendo doing anything to combat this lack of new games? No. Their newest addition is Dragalia Lost, an ARPG released exclusively for mobile.
The issue is Mario as a brand eats a lot of "new" games. They'll try a new genre entry but Mario brand it for extra name recognition. Mario and Rabbids kingdom battle is an example or Luigi's mansion. Hell even Captain Toad. At least Nintendo still makes games. Can't say the same about Valve for instance.