I think it's possible, and even necessary to look at representation beyond just as a number or ratio game. Could Smash use more female characters? absolutely. But it's also important to think about which female characters, and what they bring to the table in terms of representation. Not just in terms of race or skin color, but also things like body type, profession, or personality.
Sure it would be nice to have Lara Croft, Tracer and Jill Valentine. After all, I like all of those characters and I think they are all big enough for Smash. But at a certain point, you also have to consider how many women in gaming have the same skinny, super model body type. Or how many women in Smash are essentially Princesses. So to me, I think it's not just about adding more women to reach a better ratio, but also about the women they add. Someone like Frisk brings something to the table representation wise that Mai Shiranui or Sophitia do not.
Am I saying I wouldn't want someone like Lara Croft in smash? absolutely not. I'm just saying representation is not just about how many women there are, or whether one is in the fighters pass.
I know that as a man this is not necessarily my place to say what ideal feminist representation is, but I'm sure there are women out there that will agree with me on this one.