You tell me. I haven't followed the smash series development before the 3DS and Wii U versions. But, i'm a fighting game fan and can tell you what makes a game a version or a new game. A version reuses the assets. Ultimate reuses all the assets from Wii U. All the stages, all the fighters, all the animations, and adds on top of that. A new game is completely redone from the ground up. Did brawl reuse melee assets? I dunno. You tel me. Was it in the same engine? Did it have all of the same characters, animations and stages from the previous game? Somehow i doubt it did, and there you have your answer.

Ultimate doesn't just reuse Smash 4's assets though, they're clearly upgraded. Smash Ultimate is differentiated from Smash 4 in basically every way that series entries have always been differentiated from their predecessors; new graphics, new content, different mechanics. It's a straight, iterative sequel built on the framework of its predecessor, like most sequels in the industry, like Mario Kart or COD.

It's the same models and stages from the previous games. If they are a bit touched up it makes no difference. It's not the first time it's happened that a new version retouches the graphics. It's the same engine, the same models albeit a bit touched up, the same stages, the same animations. Also, stop saying it's new graphics, it's not. Just plainly false. If you add a few polygons to an existing model you don't magically have "new graphics" . It's not new content, it's expanded content. The old one is still there. It's not different mechanics, it's added mechanics, wich again is different. You don't have a new games, you have the exact same base game with added mechanics. That is the definition of a new version, like the name doesn't make it painfully obvious. Tell you what, i'm not interested in this conversation anymore. Hear it from people who are FGC proffesionals and developer: They call it smash 4.5. https://www.youtube.com/watch?v=vSaoXYEoRxg Now you go figure out why that is if you don't want to listen to me.

It's a port with new content (like DOA5: Last Round or Ultimate Marvel vs Capcom 3). When a fighting game gets released on new consoles, it would normally include all the DLC and some new bonus content to entice people. I saw nothing outside larger roster and stages that would imply it's a new game. If it an entirely new game, then they certainly cut a lot of corners as it looks exactly like the Wii U game.