I know this point has been repeated ad nauseum but it seems people keep forgetting it. The last smash reveal has never been hype worthy. And this has repeated over the course of 3 games. Can Sakurai break a pattern? Of course he can but I Will remind everyone that the "Mario franchise gets a new character" and the "Fire Emblem gets a new character" patterns are still in this Smash with the "Pokémon gets a new character" pattern looking likely.
It's definitely possible that it'll be a letdown, but because of the nature of the characters revealed so far, plus the objective data of the ballot, there's reason to believe we'll get something exciting.
The least generally exciting character that was revealed so far was Isabelle, but she was revealed at a strategic time. It was alongside the long-awaited announcement of a new Animal Crossing game, and came after E3 and the August Direct, but before this November one. So it's sandwiched between the more substantial and exciting stuff, so we knew it wasn't the end and we could still expect the big characters. Now, imagine if Isabelle was the last character revealed. That'd be a disaster.
If Vergeben's info on a "Square Enix" rep is correct, I'm expecting at least Geno. And possibly, if some of the circumstantial evidence is to be believed, Isaac as well. I'm still not 100% on-board with Incineroar, though after Isabelle, I've come to accept it as likely.
But even if the new characters are mostly disappointing, at least all the other info we're getting on Spirits and everything else will be exciting enough to balance it out. Hopefully.