I'd like to do a post in reaction to the people saying "there's no way Bayonetta got more votes than X". Let's do a rundown. Before that, though, note the "Realizable" part: That immediately knocks off 4th parties. For all the memes, I don't doubt that Goku probably did get a lot of votes and I don't doubt he was a potential Top 5 contender in America.
-Inklings
Somebody mentioned this in the SourceGaming post-discussion to the Direct, but it's very plausible that Inklings may have been too much a feat to handle due to how an Ink mechanic may work. Remember: It's not just that one character works. Eight have to work at once on the Wii U version and 4 have to work on the Wii U version at once. I'm not familiar with the coding Smash uses, but it's very possible a bunch of Inklings spamming Ink could cause framerate drops, which may be why the team decided not to pursue it.
This could be as a result of both the Wii U and 3DS, much the same with Ice Climbers. I think we can expect to see Inklings in Smash 5 considering Splatoon's success and the less strenuous time windows, but for now, I get why they aren't realizable. I do assume they received more votes in the U.S. than Bayonetta, but there's probably a good explanation as to why they didn't make it.
-Wolf
The ballot naturally would've been front-loaded, and one serious hindrance to Wolf's chances are that everybody thought he was a shoo-in when Lucas was announced and even more so when Roy was uncovered. This most likely encouraged people to use their votes for newcomers. Not to mention, a lot of people may have simply wanted a newcomer over Wolf. Wolf has some fair amount of stigma attached to him due to his thematic similarities to Fox and Falco.
-Snake
We know that Kojima is why Snake was in. Any chances he had of coming back were effectively destroyed once the conflict between Kojima and Konami came up. I'm of the opinion he was always a favor/one time deal character that wasn't going to take priority in future installments. Again, Snake may have received more votes, but he wasn't realizable. RIP, Snake.
-Isaac
Golden Sun seems to be a dead franchise. Their last game was in 2010. Bayonetta 1 came out in late 09/early '10, and now Bayonetta has a relationship with Nintendo and seems to have moved in and around 1m units on the Wii U. That's more than Golden Sun, and the first Bayonetta has its fair share of fans who probably played Nintendo games too.
It's no stretch to say that Isaac fans are a vocal/dedicated minority while a bunch of people who aren't in touch with the speculation community voted Bayonetta. Isaac's ceiling of votes exists within forums for the most part, Bayonetta's doesn't, and it's worth reminding people that Bayonetta does well on online polls. She wasn't unknown.
-King K. Rool
In an even worse position than Isaac simply because he hasn't been game-relevant in over a decade. I wanted him really badly, but I think he's relegated to nothing until Retro decides to bring him back for DKCR3. I hope they do, because K. Rool's chances will skyrocket. I considered Dixie more likely, yeeeet...
-Dixie Kong
Probably didn't receive many votes because most DKC fans voted for K. Rool, resulting in a lower turnout for Dixie. This is noticeable in that reddit poll I often reference. When you consider that this was a popularity contest within reason, Dixie probably just failed to accumulate a necessary amount of votes.
-Ridley
The hype train on Ridley had died once he wasn't in the base game. Online polls seem to reflect this.
-Third Parties
Licensing issues. I know Spencer said he'd be happy to work with Nintendo with Banjo-Kazooie, but I imagine it's a lil' more complicated than "President of Xbox says yes so it can happen". Also, like Isaac above, Banjo-Kazooie probably have an online-fandom ceiling that doesn't reach very far into the modern Nintendo fandom.
Realistically, Bayonetta probably did receive the majority of votes. Her games don't sell badly, she has a fanbase, and just because speculation wrote her off due to her sexuality doesn't mean that votes weren't cast for her. This is a sort of bubble, and people exist outside of it.
I'm gonna just agree with the Cloud=US Bayonetta=Europe Corrin=Japan dynamic. Even if Fates isn't a top seller, he'll probably be pretty popular in Japanland.
I'm not trying to disparage fandoms, btw, I'm just providing reasons as to why a lot of characters might not've gotten in.