There is really no link between this and the PS3.
The PS3 was simply too expensive while trying to do too much with a very complex and powerful system and pushing the adoption of the Blu-ray. It was not a failure like the WiiU, it sold at least 4x more than what the WiiU can hope to sell. It had a strong life all over the gen and was able to pick up to it competitor even with it having a year headstart.
Nintendo didn't got cocky, the WiiU is not a cocky project at all, it's underpowered and cheaper than the others.
It simply went back to were Nintendo was, totally out of touch with the consumers.
The Wii was the exception, not the Wii U, Nintendo is simply out of touch with the market ever since 3D came to videogame consoles.