Like yeah, Bayonetta has the Nintendo clout and they financed 2 and 3, so she could still make it anyway, but if SEGA themselves consider Persona one of the pillars of their company alongside Sonic and Yakuza, I would think they would want to prioritize that.
I think "they" is the important indicator here. Who is "they", at the end of the day?
Sure, Sega wants one thing. But if Sakurai goes to them and asks for Sonic and Bayonetta, they're not going to fight tooth and nail with an ultimatum to make sure Joker gets in too. They can talk about it, but if that's not what he's there for then that's that. I feel like people overestimate how much leverage these companies have over Sakurai and Nintendo when it comes to business decisions. They can nudge but they can't force it, and they aren't going to sacrifice whatever they can get. In my opinion.
I don't even really know how much direct say Nintendo has over Sakurai's base roster decisions, outside of giving the thumbs up or a thumbs down. I'm sure they have their preferences and will coerce Sakurai to make certain decisions with their past and future plans in mind. Whether that still involves Bayonetta, I don't know. I've stated before but I think Bayonetta having pretty much her whole series on Switch matters more than whether or not Bayo 3 was controversial. If the series is on ice for the next decade I'd be worried about her future in Smash, but for now she's still fairly relevant and in line with the window that Sakurai will inevitably be looking at to make certain roster decisions.
Bottom line is Sega's priorities, or any other collaborator, won't necessarily correspond with Nintendo and Sakurai's. The way things pan out from there is up to whoever's voice you think would be the strongest here. Sakurai being influenced by Persona as much as he is would probably be one of the stronger cases for Joker returning on base roster, as Idon alluded to before. Persona being a pillar of Sega's business model keeps it in the public eye, it makes a strong case for Joker and Persona's lasting popularity, but that in and of itself doesn't dictate Sakurai's priorities and I think Nintendo has a bit more overcast on what takes precedent. Again that's just me, but I think people are being a bit too pessimistic on Bayo in comparison.
Given the choice, btw, I'd much rather see Joker come back than Bayonetta. It's just not what I think would happen right now.
I'll be honest I've always kinda thought that Joker outstrips Bayonetta by almost every metric and been slightly bothered at how often all that's negated by "wellll but Bayonetta's basically a Nintendo character so she's a lock". At a certain point it feels to me like people predicting her out of obligation, relying on this one thing to almost resign themselves going "well she HAS to stay, whether we like it or not". Maybe I'm projecting, IDK
I'm bothered by this too, but moreso that I think it holds weight and drags down the roster. I do think these "out of obligation" characters are kind of boring to talk about. I don't think Bayonetta is the only one (for the sake of this conversation, I won't open that can of worms). But I think Nintendo's own stock in this series makes it fair to judge it under different pretenses - if any other series
owned by Nintendo got a new mainline title and a spinoff during the Switch era, we'd treat it as an active series. Being Switch exclusives published by Nintendo, I would imagine Bayonetta being treated quite similarly here.
That's where my mind is at, even if it isn't especially enticing to me to see it that way. It's not that I hate Bayonetta or anything either I just... really don't click with her for whatever reason, moveset wise I can't really wrap my head around her and her overall presence is kind of nothing to me. But that's just me.