UncleScrooge on 15 October 2015
Makes sense. It would be a high caliber game but not take away any of Nintendo's resources which they surely need for NX. Iwata also talked a lot about partnerships with other companies earlier in the year.
But why would they wait so long with an announcement? Maybe the game was supposed to be announced sooner but after Iwata's passing they decided to postpone the announcement? I think this explanation would be more likely: The game was scheduled for late 2015 but with Zelda U being ported to NX they decided to release TPHD in mid 2016 to give the Wii U one exclusive Zelda game next year.
Well, or it's all just speculation and the rumors about it being just a Wii Virtual Console release are true.
