Occam's Razor tells me that Konami was given an Ultimatum: Either regain the public's trust or perish into obscurity (at least for its video game division). Meanwhile, Square is better off than them, so they're cocky and complacent. They think they're way too cool for Nintendo, so anything they allow Sakurai to work with is out of pity more than anything. Given their opposing situations, Konami has no choice but to provide some kind of service whereas Square's ego is inflated.
Nah, I'm not referring to World of Light here. Just the paltry amount of Square-Enix content in general. It's weirdly scarce which makes it difficult to believe Nintendo would bother hyping up another Square rep that will just come with a song or 2. There is definitely a comparatively-low amount of 3rd-party content from Square itself when you put them side-to-side with the likes of Pac-Man, Sonic the Hedgehog, Mega Man, Metal Gear Solid, Street Fighter, and Castlevania. Hell, Bayonetta's series has more going for it despite being lesser known. Cloud is an icon like the others, so why is he the odd one out?