Before I post this, I want to preface that Ultimate is an amazing game and I loved Sakurai and his team for everything they have done. However...
I think Nintendo does a very poor job of marketing and understanding their consumer base, especially outside of Japan. This is why in the past, Nintendo is often forgotten in console war culture. The frustration in the fanbase can partially be pointed at Nintendo for how they communicate. FP5 should have been announced in 2019, no question. Nintendo also makes odd decisions on announcements. Take base game Ultimate. You had an amazing E3 announcement with the everyone is here slogan and then an even stronger August 8th announcement. That was followed by a meek side announcement of Isabella in a Nintendo Direct in September (that wasn't too bad but keep it in context) and the somewhat disappointing November Direct. The Final Direct should have been the big one. Personally, they should have kept KRool for November or went ahead and announced Banjo or some popular FP pick to keep the hype train buzzing. In fact, Banjo announced as FP1 thst November would have been the best way to finish out. We have had alright characters in the Fighter Pass but not ones that really excite the video game world. Nothing like a Pacman, Megaman, Cloud, Sonic, Snake, or Sora. Banjo and Hero are the closest to the big 3rd parties we got in the past and they were both announced together. Nintendo hasn't given us anything since around August I believe. Leaving the Smash fan base hanging onto every leak around. Often times the leaked rosters have been more exciting than the actual FP roster.
Let's analyze the actual roster:
Joker - A character that I did not know prior to announcement of DLC and one that has never been on a Nintendo console. Primarily from a Japanese RPG game genre that really isn't popular in the live action centric West.
Hero - Japanese RPG character #2. However, I like this pick since DQ has been a long running franchise on Nintendo consoles.
Banjo - Huge in N64 era and Smash fan request. Good pick but not earth shattering outside Smash Community
Terry - Who? Despite my criticism, he deserves a spot even with the weak showing on Nintendo consoles. However, he would fit better if the FP actually had a HUGE name like Sora, Doomguy, Crash, etc. Once again wrong pick at the time.
Nothing here is going to excite the average Western gamer.
Overall, it has just been a weird ride by Nintendo. It is kind of like the SMB2 story. Nintendo wanted to give US market SMB2 Japan but am American Quality expert pushed back. Ultimate the SMB2 that the US got was a far better pick. Nintendo needs to somewhat study its audience when considering marketing decisions, etc.