I haven't lost hope yet.
While post-launch Spirits and Mii costumes do greatly decrease the chances of those franchises being repped as DLC, I believe a Monster Hunter rep still might have a chance despite the recent MH Mii costumes and Spirit event, mainly due to COVID coming and messing up plans.
In short, Sakurai and his team need a predictable schedule to work with and frequent meetings with 3rd party publishers for their approval, but these plans were thrown off when COVID hit and meetings were canceled, yet Smash development continued soon after. They might've managed to work out a plan, but that plan couldn't rely on MH:Rise's shaky release date, as that game was suspended for a month and had its release date postponed. That's why I believe a MH rep still has a chance (for all the reasons stated in this video), because they might've erred on the side of caution and placed that DLC in a later slot to give MH:Rise ample time to complete its development while predictably developing other DLC fighters -- that is, if an MH rep is coming. But in that scenario, it makes sense in the meantime to release a bunch of (recycled) Mii costumes + a Spirit event to celebrate MH:Rise's launch (as it's a timed Nintendo exclusive).
Longer answer (with sources).
While post-launch Spirits and Mii costumes do greatly decrease the chances of those franchises being repped as DLC, I believe a Monster Hunter rep still might have a chance despite the recent MH Mii costumes and Spirit event, mainly due to COVID coming and messing up plans.
In short, Sakurai and his team need a predictable schedule to work with and frequent meetings with 3rd party publishers for their approval, but these plans were thrown off when COVID hit and meetings were canceled, yet Smash development continued soon after. They might've managed to work out a plan, but that plan couldn't rely on MH:Rise's shaky release date, as that game was suspended for a month and had its release date postponed. That's why I believe a MH rep still has a chance (for all the reasons stated in this video), because they might've erred on the side of caution and placed that DLC in a later slot to give MH:Rise ample time to complete its development while predictably developing other DLC fighters -- that is, if an MH rep is coming. But in that scenario, it makes sense in the meantime to release a bunch of (recycled) Mii costumes + a Spirit event to celebrate MH:Rise's launch (as it's a timed Nintendo exclusive).
Longer answer (with sources).