Oh I think she has a shot still too. Being the only Indie given not just 1 spirit in base game, but 2. (Shovel Knight got more but he's also an assist trophy so him getting spirits as well make sense). and both of Shantae's spirits were WoL spirits.
It an't over till we get some hard deconfirmation, and since she doesn't fit any of the mii fighters, her only deconfirmation if sakurai, nintendo, or Wayforward say she is not going to be in.
Anyway, was making a list on fighters I like/seem likely, IF we were going to get 100 selectable fighters in the game, due to Sakurai being a madman and nintendo liking money. I see if going in 2 ways. right now at the end of the FP we will have 81 numbered characters, and 88 selectable fighters if each echo was counted on their own(which if they go to 100 I think it will be for selectable fighters not numbered 100). So the 2 ways are either 2 more fighter passes with 6 characters each, or 1 more fighter pass and then 6 echo bonuses added since they are cheaper and easier to make. I included both options with the characters I picked for this idea.
79. Shantae
80. Crash/Coco
81. Reimu
3rd fighters pass
82. Professor Layton/Katalina Layton
83. Ryu Hyabusa
84. Dr. Eggman
85. Rayman
86. Monster Hunter/Morrigan/Capcom rep
87. Tales of Rep
If 4th fighters pass
88. Waluigi
89. Geno
90. Dixie Kong
91. Isaac
92. Dante
93. Doomguy
94. Rex and Pyra
If Echo bonus'
E1. Medusa
E2. Impa
E3. Octolings
E4. Shadow
E5. Ms. Pac Man
E6. Dixie Kong
In that 3rd pass, any of the 1st party character could be swapped in there from the 4th fighters pass. I have Geno and rex in the 4th because I feel he will only unmii someone if there really are popular, and it will be late in the games life