Gonna give my own ratings as well!
Joker: D - Never cared much for Persona and considering we'll never get a mainline Persona game I think this could've gone to somebody else.
Hero: B - Not a fan of JRPGs but Sakurai did a good job making them interesting, furthermore unlike Cloud, Dragon Quest has a very long history with Nintendo and the Toriyama art style is also a unique touch. Definitely earned the slot.
Banjo Kazooie: S+ - Huge fan of the duo and always happy to see more colorful characters enter the roster. Unique mechanics, meloved Nostalgic franchise, and further solidifies the partnership between Nintendo and Microsoft. An old favorite returning to his buddies at Nintendo, what's not to love?
Terry Bogard: C - Never really known much about him or his company so I'm gonna be neutral for now.
Possible DLC Choices:
Namco Bandai:
Prince of All Cosmos: S+++ - My most wanted character of all time, would be a unique character that would bring so much unique and colorful content to the game. Plus the pass needs another cartoony character like him!
Heihachi Mishima: C - Never been much into Tekken though he could be very cool if Sakurai can add his unique mechanics. Plus if we get Terry he'd be a bit redundant for Fighter's Pass Variety.
Lloyd Irving: C - Never cared much for JRPGs, and while Lloyd definitely has a good shot at a roster spot, three JRPG characters would be way too much for the pass. Aside from his dual-wielding there doesn't seem like a lot he could do to stand out.
Chosen Undead: B+ - never played a Dark Souls game but a character of this type (a sort of western-looking knight) is an archtype we don't really have in Smash, plus the imbued weapons and Flasks could make for an interesting playstyle.
Agumon: B- - Wasn't into Digimon growing up but another colorful character with unique potential could bring some cool ideas to the table.
KOS-MOS: C- - Never really looked much at Xenogears, and not too interested either. Along with more JRPG redundancy, though I do see that she has a unique design compared to most JRPG characters.
Capcom:
Phoenix Wright: A+ - Phoenix would be an extremely funny choice and would probably have one of the most unique playstyles imaginable. Plus he's been exclusive to Nintendo until the mobile ports so he's more than earned his place. He's also my best friend's most wanted character so bonus points there.
Monster Hunter: B- - Monster Hunter could provide some unique ideas, plus with Rathalos already in the game Nintendo sees the positives in Monster Hunter content. Though I have almost no connection to the series so I'm about neutral.
Resident Evil: C- - It has had a good deal of games on Nintendo systems but the characters shine most brightly in their own environment. Aside from my disdain for zombies, I don't feel like they'd bring enough to the table.
Activision Blizzard:
Crash Bandicoot: S+ - One of my most wanted characters despite not growing up with him much, he's one of the last big icons not yet represented in Smash and would bring so much to the table. He's iconic, popular on both sides, would bring in fantastic content, and despite rising again recently he's had a fantastic revival. What's not to love?
Spyro the Dragon: A- - Another worthy candidate, though one that would have to go through his buddy Crash first. I don't have as much of a connection to Spyro but he'd be a very welcome addition, and our third quadruped on the roster.
Tracer: B- - For a short time I was into Overwatch, mainly for the lore and characters (to the day I've never played the game). While she's iconic in the modern day and has some cool gimmicks of her own, I don't feel that she should get a spot over some of the other characters on this list, especially since her history with Nintendo has just started.
Diablo: C - I don't have much of a connection to Diablo so there's not much for me to say.
Bethesda Softworks:
The Last Dragonborn/Dovahkiin: S++ - Been a huge fan of The Elder Scrolls for years, and I think the Dragonborn's shouts could definitely set the character apart from other swordfighters. Furthermore, TES is surprisingly popular in Japan, and the series has had a profound effect on the genre, along with Skyrim being influential in modern gaming. Plus this character can be anything in-game, so lots of weapon and magic options could be integrated into the moveset, making for a very diverse character.
Doom Slayer: C- - FPS games have little to no popularity in Japan and I myself have little to no connection to Doom. Pair that up with competition with one of my most wanted characters and the nonstop almost baseless attention he gets and it results in a lot opinion score for me. Still, I do see that he's had a longer Nintendo history and is an icon in gaming himself, so I will always give credit where credit is due.
Vault Boy: F - Fallout has almost no presence on the Switch aside from a spinoff, and I never cared about the Fallout series myself, so seeing him get in over the other two Bethesda options would be a bit of an insult.
Indie:
Shantae: A - I have little connection to the series myself but I know how much people want her in the game. Furthermore despite her nicheness somewhat she has a long history with Nintendo dating back to the Gameboy days and her ponytail, dancing, and animal transformations could result in an extremely interesting moveset.
Quote: S - Always been a huge fan of Cave Story and it's a game that helped pioneer the genre. Quote has an easy gimmick he could use, unique weapons to choose from, and a fun aesthetic, along with some great music. If Shantae doesn't get chosen, another indie with Legacy like him should. Furthermore he's been ported to Nintendo systems many times with upgrades, even recieving his own modeled 3DS remake!
Frisk: C- - I played through Undertale twice but despite liking some parts of it I'm not the hugest fan of it, and got super burnt out on it during its' heyday. Furthermore Frisk's general playstyle is about pacifism so I can imagine complex dodge mechanics on a small target would be a pain. But nonetheless I will give credit where credit is due, Undertale is influential itself and is popular on both sides of the ocean. I just feel like an indie with more legacy should be the first indie rep.
Reimu: B - 9th grade me would be wetting his pants, but current me sees her as a solid but slightly confusing choice. She'd have some very unique mechanics of her own, and provides a unique aesthetic providing we don't get Nakoruru. While her history with Nintendo is brief she's been very influential in the east, so she's definitely made her mark on gaming.
Microsoft:
Steve: A - I just recently got into Minecraft, and aside from being a really funny choice I believe Steve does deserve to be a welcome member of the roster. In his 10 years of existance he's managed to make worldwide acclaim that still continues to this day, and has been very supportive since the launch of Minecraft Switch. Throw in some cool crafting mechanics and we have a very very unique character in the making!
Master Chief: B- - Would be a very funny pick, but he himself is another icon of the FPS genre, and I think the Sci-fi weapons he could provide would work in his favor, in terms of uniqueness and less of a need for toning down. Also I'd love to see a stage based on Husky Raid.
First Party/Others:
Waluigi: S - An extremely funny character with a lot of personality, there's littly chance for him but my god does he have potential. Plus having him as the last pass slot would be an incredible marketing stunt.
Byleth/Edelgard: F - Would rather not see another modern FE rep, especially a Three Houses shill pick. I realize that the game is very popular and is nowhere near Awakening/Fates levels of Waifuism, but among four heavy hitter third parties, a modern FE rep would be a terrible way to end the pass. Let Zelda have another unique rep instead!
Gen 8 Pokemon: C - I'm a huge fan of Pokemon and one of the few people who was happy with Incineroar (huge fan of Sun and Moon, especially the anime). However, I agree on the general consensus that it is way too early for a rep for Gen 8. And like an FE character this would be a bad way to end after a bunch of great third parties. Lucario had to wait until after Diamond/Pearl, Greninja after X/Y, and Incineroar after Sun/Moon. It's only fair to make a Gen 8 wait until after Sword and Shield.
Civilization rep: S - I know it likely isn't possible due to the characters being based on historical figures, but it does have two main series games and a spinoff on Nintendo systems, and would add another strategy game rep, so it's quite iconic!
Rayman: B - Never played much Rayman but after being stuck as a spirit and trophy I think he deserves his time in the sun. Origins brought him back into the spotlight and he could bring a lot of inspired content to the table. There's a lot they could do with him!
Ryu Hayabusa: C- - Never had much of a connection to Ninja Gaiden aside from the iconic 4-2 theme, so I can't give much of an opinion of him. But I don't think he'd be very exciting for me. Still, Nintendo and Tecmo have a very good relationship so I see that he has a lot going for him!
Geno: B+ - I haven't played Super Mario RPG but I always welcome more Mario reps on board! Geno's got a lot of interesting potential and I know that he'd make a lot of people happy!