I guess like
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said, All star is subjective because for me, All-Stars are Characters who had influence in their media and even beyond had cultural influence.
Which a lot of Nintendo Characters and most third parties (beside Bayonetta) are. (And I'll argue Phoenix-Wright , Lara Croft and Dante are worthy of that title imo)
Then there is Characters that are gaming icons. They're big and famous, but they're not "All-star" since their influence don't go back the video game circle. (Sora, Banjo-Kazoie, Ammy, and others are here like most third-parties not in smash yet. But there is in my opinion no Nintendo Characters left in that category)
Then just Nintendo Icons, who are knows by Nintendo fans like Ashley, Lip, The FE cast etc. Who are famous too! But their influence rarely go beyond the Nintendo/Fan fandom