Hmm
What I think what it might be hinting towards is we probably aren't getting a character like Kazuya or Steve, characters that would appeal to Audiences perhaps not paying attention to Smash specifically
I feel less inclined (Not impossible, just less inclined) to believe in something like Fortnite or Master Chief being the character as an example. Steve did get revealed in a Separate direct, but not only was there no Real Direct in 2020, but also it was tie in to Minecon
We had a whole Direct to show off who CP11 was today, but they decided not to do that. That doesn't mean the character would be unexciting, I'm just unsure if we are going to see Bombshell in New Territory, that characters like Chief and Jonsey would be example of. I'm thinking either it's new Territory that has more niche appeal the Some of the Big League franchises, or we are rethreading on Old ground in terms of character choices (already represented franchises)
Of course, what this could also be an example of is Sakurai wanting to keep tradition of the Final character getting revealed in it's own Presentation. Ever since Smash 4 Base game, none of the Final fighters have been revealed in a Regular Direct, but their own presentation, and this might be something similar now.
Personally I think CP11 Primary goal is to appeal to audiences already Playing Smash. Min Min, Pyra/Mythra, and Sephiroth already do that, but I think CP11 is gonna take it to a Higher level I think. Bayonetta is an example, as despite being a New Franchise (If Niche) her main reason for getting in was Fan requests due to the ballot (even if she was chosen before that was a thing).
They Didn't reveal this character in the Direct because this Character is for people already tuned into Smash I'm thinking. I have Two Particular characters in Mind, but you might Disagree