On the topic of indie games, I wonder when, if not in Ultimate, an indie character will get into Smash as a playable character. I know indie games aren't triple A mainstream games, but I don't believe indie games are "lesser games" at all, so it'd be jarring if Nintendo were out to gate-keep indie characters. I bring this up because a lot of good indie candidates are already "deconfirmed" if certain fan-rules are true.
I don't think Nintendo is Gate-Keeping indies
I just think that the potential Indie reps either have certain things against them, or just out-Prioritized by other Established franchises that have more merit to their inclusion
I also think a Big part is a lack of Legacy as well. Reimu and Shantae are the only Popular Indies that have been around for awhile. Sans, Shovel Knight, and Cuphead are popular, but they have really on been part of one game, they are getting expansions, but it's just one game currently
If you look at all the 3rd Parties we got, The only real recent 3rd Party characters are Bayonetta, Joker, and Luminary. Bayonetta became almost like a Nintendo Franchise with Nintendo Publishing the 2nd Bayonetta game, and Joker and Luminary are just the recent Protags of a long standing Series.
Not to say it's impossible for Indies or even recent 3rd parties to get in. I just say that this might hurt their chances, but they shouldn't be counted out. There are other merits to consider after all