However, if you don't mind me going deeper here, I'd like to explore why that is.
First off, let us look at the original goal of Smash, which was to celebrate Nintendo history. If we were still going by that goal alone, Smash would be doing pretty good by these standards as most of their prominent female characters are already in the game. If we were to drop all 3rd party, not only would we lose only one female rep, BUT that would bump the game up to more around 19% for female cast. Not a huge bump, sure, but going away from the math and more to the list of Nintendo characters that are prominent and female...they've pretty much covered most of their bases and are kinda running out of choices here.
Sure, Dixie Kong and Krystal have been mentioned, but outside of those two (and Krystal wasn't ALWAYS super popular and wasn't ALWAYS demanded for Smash) where else could they really pull from? I'm sure there are areas, but they are in fact running out. Bringing this back into a celebration of gaming as a whole, I would say that there are a number of popular female video game characters to choose from, and
R
RetrogamerMax
named the big ones that come to mind for me...but I disagree with were he said 'The list goes on and on' because...it doesn't.
Facts are facts, and there are more male video game characters than female, and when you look at prominent/iconic/popular characters the disparity gest even bigger...but why is that? Well, I would argue it's because in the short amount of time video games have been around, they were mostly marketed towards males. Thus, it would make sense that to appeal to a male audience, you either have them play as a dude or the woman has to appeal to them...and retro Lara Croft is an example of what they thought appealed...
and they weren't totally wrong.
Now, take into consideration the original target audience and the nature of a video game, these being boys/men and being and interactive medium through which to enjoy an experience or entertainment. As human beings, our forms of entertainment often bring us outside and away from our normal lives that we normally consider rather mundane. 'Welp, nerdy guys who aren't experiencing what those jock guys are getting make up a lot of our video game sales' say companies. 'So, why not give them the "male fantasy experience" in a way that no other medium can!'
Now don't get me wrong, not every company is like that or did this, but this is a thing that happened. Now gaming is becoming more and more of an everybody thing, they market is changing and cool female characters are existing...but you can't pull from what doesn't quite exist just yet. I would say that gaming is still in it's fledgling state in this regard due to being around for a lesser time than nearly every other medium and this we just need to spend more time to let it grow in this new environment. Thus, it's not so much that Smash Ultimate is under-representing female characters, but that the video game industry as a whole is still growing in terms of having prominent female characters and thus Smash only has so much to pull from.