You literally would only say this to make Crash sound unlikely when this really isn't even true, which is why I said "for trivial reasons". I'm assuming this comes from Crash's absence from PSASBR, which was said it was because he was too expensive to put in or something iirc. Are we really going to compare the budgets of 2013's PSASBR, a clunky game that used Fat Princess to try to advertise it and where adding Crash was probably not worth all the money they ended up losing anyway, to current-day Smash Ultimate where Activision is pushing Crash back into the spotlight and Smash has already sold 20M+ and getting Crash's rights would be miles easier than getting Steve and Banjo, which I also pointed out.
And yes I do understand Ubisoft has the stronger connections of the two, they made a Mario game for crying out loud, but again, Activision have been allowed to handle Nintendo characters already so they aren't strangers to collaborations either, they just haven't done anything more recently, so why shouldn't that count? There's also Hayabusa (who I think is likely coming anyway) missing from the game even though Koei Tecmo has helped far more than Ubisoft in collaborations, and how much has SNK done for Nintendo before Terry got in? These business relationships are only a good indicator of how easy it would be for this companies to talk with each other if they wanted to add a character, it's indeed a point in favor, but overall won't confirm anything.