PP wasn't around for 20+ years with a popular moveset. These comparisons don't really work. It's purely cutting a veteran who was there since Brawl or earlier(any kind, and especially without a very good reason like Licensing or Technical Issues. Cutting for the sake of cutting is meaningless and fanbase alienation at best) when essentially removing the moveset, and removing veterans is not a popular thing with the core fanbase(the casuals) either.
Nobody should be cut either if it can be helped, obviously. Clone characters aren't even considered easy cuts in development at all. The most highly technical ones to create are often the lowest priority, and sometimes so are ones who they intend to replace. There's a lot they could replace or remove, but it's extremely varied as to why. Keeping in mind the biggest cut was Mewtwo as well, and even they tried to get it back after Brawl as best as possible. After that, we had technical problems otherwise(all of Pokemon Trainer combined, Ice Climbers) and regular clones have had some bits of lower priority(Lucas, Wolf). Echoes are probably not going to ever be lower priority due to ease(with the only likely cut to ever happen would be if their parent is gone... which makes sense. They don't transfer movesets over to a new character entirely. That's not even what happened with Toon Link, as he was a unique case of updating with the rest of the GameCube cast, but existed as a design before even Wind Waker. It was just the latest young design, but was clearly not a graphical update. We've never had a case since, and we know Young Link is nothing more than a unique base that created a clone character in Toon Link). They've done nothing similar ever since, and it makes sense why. It's not a good practice to cut characters and replace them with similar variants, as it's always fanbase alienating. It's not a legitimately helpful practice. It's why movesets get updates while never leaving the core part of what makes them notable in Smash. Even the most changed up moveset, Bowser, still is a giant bruiser with lots of power and reasonable speed, along with the ability to breathe fire, grab opponents, and grow in size to become a Kaiju for a short time. The core didn't change, just pretty high tweaks. Ganondorf is pretty much the same thing in Ultimate. It's the same core feel, though not all can work with the Sword by that point(which is fair, as it's pretty different hitboxes, with at most some of the animations are slightly similar. The Down Smash and Up Smash have similar motions in which he swings his Sword VS swinging his Foot. They're still widely different regardless).
The reality is, Falcondorf is a highly popular moveset among most of the fanbase. It's not going to get cut when it doesn't solve anything but annoy most of the fanbase. We're still far more likely to get another Dorf(which also makes more sense, since only two of them even share a similar bodyshape, as the rest are just completely different entirely. And even TP's Dorf was pretty clearly highly different, much to many player's dismay. Going from a pretty good character into a "barely can move 2 inches in a few seconds" with an extreme speed reduction was not a good choice at any point. They barely salvaged him a little in 4, making him more fun to use because of the super armor and feeling like playing a murderous warrior with extreme strength. Ultimate kept the best of both worlds, but didn't much improve him otherwise(like giving him a way to deal with projectiles). While you could probably throw the moveset onto TOTK Dorf with ease, his bodyshape isn't really the same either, meaning it would be more like getting a new clone character compared to actually updating the moveset to be better. ...In which case, you don't cut a popular veteran for the sake of it. You just add a new character who will also be interesting and popular. There is no valid reason to remove Ganondorf's moveset, nor Sheik's, etc. Transferring it over to another character is just as bad, if not worse, because it's a laughable attempt at pleasing the fanbase, barely adhering to the vocal minority while doing nothing for majority who buy the actual game. They're the most important. TOTK Dorf obviously does not work with the Falcondorf moveset(though it can borrow some animations here and there), but is a popular enough character to be a new addition. Worst case scenario that is realistic is that he never gets added at all and we keep the same Zelda roster(with Young Link not making it back either). Best case is TOTK Dorf gets added as a 7th total character(though with YL likely to be gone, we'll still have 6. It's slightly better in that it's only up to 2 of each version of a character, though at least they're different people regardless. On another note, WW Dorf actually does fight like a brawler along with weapons and using magic to summon... and that's all the magic he bothers with, which is pretty close to the concept behind his Smash design. Magic is scarcely used.
It's a good thing Smash doesn't do massive roster reboots either, including moveset ones. They're purely alienating and doesn't do anything to improve the games. Canon is not as important as a properly functioning moveset. And trying to adhere to canon only works if you started the character off based upon that, and even then, it's not guaranteed to work. Ganondorf's moveset worked great in his first appearance too. A good middle of the road quick clone. They just failed to really do much with making it more viable again overall(which again, is understandable because there's 80+ characters. Or even in the 70 range at the start of Ultimate's base).