And again, these are different companies and different series and different negotiations. They set no precedent for unrelated series.
...Besides it being completely laser-focused on only VII in Smash 4 and Ultimate thusfar? Cause that's been the case. The precedent isn't actually "just this game". And 4 and Ultimate are absolutely different games and set their own precedents. It became clear Cloud was only allowed to represent purely VII. The only actual other thing beyond the Chocobo costume(which Chocobo are in VII anyway) is the design for Irfrit... but it still is pretty much the VII version otherwise in how it acts.
And FFVII content has existed specifically as only that. Again, two precedents to keep to that for the series. Then they actually make it clear Sephiroth is from FFVII, not FF in general? They actually did solidify it beforehand.
Two data points, not one. Ultimate Base and 4 DLC are separate things. This is why you don't see a single 3rd party costume back either till DLC, because the negotiations are overall separate.
I don't know where you keep getting the idea it's "1 data point", but we clearly see two. And 3rd one is literally coming up. I'm going to go in expecting it to laser focus on VII like both times so far. If I'm wrong, I'll be pleasantly surprised, but the fact they changed the series logo to VII right away does actually tell us that it wasn't a generic FF representative either way. That's very suspicious, though it can still be a red herring.
Other companies are so off and distant from each other that they just aren't comparable. SNK gave more content than practically any other. Does it set a precedent suddenly for other companies? No. Because they're unrelated. Besides, when the Square part of Square-Enix got nothing in the Hero presentation, that actually does imply that the negotiations are more split off than we may think. And I don't mean Capcom USA and Capcom Co. Ltd either, who own separate characters. It further shows they're a lot more separated than we may think. I mean, that already did, but Shroob brought up a good point about Square and Enix not being that tied together. There's also the factor that the content is owned among different various people in the companies, so we already knew it wasn't "one part owns all" to begin with. This is pretty much also what solidified it for me to treat each company as its own entity and its own rules and situations/context for negotiations. Whatever happens with a series is completely irrelevant to another if the ownership is split up in any slight possible way.
(Gah, typos).