Well, if rumors are to be believed, they're still trying to find a team for him.
Now that I think about it, a lot of Nintendo suffer from that problem. Metroid Dread was stuck in development hell until MercurySteam came along, Advance Wars is only coming back thanks to Wayforward, there was a rumor that Next Level Games are being given Pikmin 4, I believe a prominent leaker (wanna say Emily Rogers, but I don't remember for certain) said it's the reason Golden Sun hasn't come back despite Nintendo themselves wanting it to come back... you get the picture.
Yeah unfortunately Nintendo don't have that many studios compared to Sony or Microsoft. Nintendo have 10 internal teams, but of those only 6 actually make games. For a small breakdown:
-EDP 3 is the Zelda team (Breath of the wild 2 is their next games and last game was BOTW)
-EDP 4 is what I called the "random casual game team" (last games was Nintendo labo, Ring fit and Game builder garage)
-EDP 5 is the Splatoon and Animal crossing team (Right now working on Splatoon 3)
-EDP 8 is the 3d Mario team (last games was Bowser fury and Mario odyssey)
-EDP 10 is the 2d Mario team (last games was Mario maker 2 Mario bros U deluxe)
Then they have a few second party studios:
-Retro studios (working right now on Metroid prime 4)
-ND cube, which is the Mario party and other party games studios (last games was Mario party superstars and Clubhouse games)
-Next level games (working on Mario strikers)
-Monolith soft (Xenoblade chronicles 3)
And they have a few studios which they don't own but are strongly associated with them
-Camelot is the Mario sports team
-Intelligent Systems is the Paper Mario and the Fire emblem team
-Game freak is the Pokémon team
-Hal laboratory for Kirby
They also sometimes work with third party like Platinum games for Bayonetta or Astral chain, Namco bandai for Pokémon snap and Smash bros, or Mercury steam for 2d Metroid, but that's pretty much it.
The point of this very long post is that people always ask "where's F-zero, where's Golden sun, where's Kid icarus, where's Wario land, where's Wave race, why is Pikmin taking so long where's Donkey kong". But considering how much studios Nintendo have, and how much times it takes for doing a AAA games today (3-4 years in average but can take much more too if the game is very ambitious), it's not really a surprise that they don't have time and ressources to bring back many franchises.