The only relevant new IPs until now are ARMS, Mario Rabbids(Though I personally wouldn't categorize this as a new IP), Ring Fit Adventure and Astral Chain.

This argument has always seemed like haters trying to downplay to me. Even if you go back to last gen with games like Splatoon, Tokyo Mirage Sessions, and the revival of Bayonetta...

Or the one before that with Xenoblade, Mad World, Wii Sports, etc....

It is evident that Nintendo is constantly going outside the "status quo" far more often than some people want to admit.  And trying to ignore 3rd party collaborative projects like Astral Chain where Nintendo funds and co developed the game is even more of a desperate attempt than only highlighting Mario and Zelda.

But, aren't those IPs fully owned by their respective companies?
As far as i know Rabbids was developed by Ubisoft and Cadence only had Nintendo characters.

I know one of those in the list was made in collaboration with NST.

If they keep up with the quality and innovation of their current IPs like Zelda, Mario, Smash Bros, Luigis Mansion and their many, many other IPs, Im good. Don't need a new IP from them just for the sake of it. I get that from the many great third party developers on Switch and other consoles. I would rather see Nintendo revive some of their forgotten IPs.

I really don't think Mario and Rabbids or Fire Emblem Warriors should count. Mario and Rabbids is a combination of existing IPs, although at least it has differing Gameplay Mechanics. Fire Emblem Warriors on the other hand is just taking an existing IP, Hyrule Warriors, and using characters from another IP in it... And Hyrule Warriors was likewise just taking an existing IP, and adding Zelda characters to it. Same for Cadence of Hyrule.

When Nintendo's biggest teams trying to make new IPs results in Animal Crossing, Splatoon, and ARMS (which admittedly is kind of a mind-share failure but sold well enough), I don't think we get to use the "I don't need a new ip just for the sake of it!" excuse anymore.

Sorry, but there's more than enough precedent in terms of quality and sales that show Nintendo's new IP initiatives tend to work when they actually try to make something big with a big studio behind a project. Even better, a lot of them end up covering niches that are either not covered already in their ecosystem, or even rarely covered in the console space as a whole. Sure, a lot of their third party partners' new IPs just end up being quirky little 3DS/Wii U/Switch titles, but those aren't resource intensive and don't seem to take away from other pipeline products. Even the most recent example of Nintendo trying to create a big new IP with a very credible studio behind it resulted in their first 1 million seller with PlatinumGames, after a 7 year long partnership with the company. The Switch and Switch 2 are not the time to be resting on laurels.

If anything, I think the problem is sort of that their third party partners and smaller first parties have to pull a lot of the new IP weight. The idea being that because Nintendo only has like 4-5 teams which make huge console sellers, and because Nintendo has many big IP, they end up having to make a lot of games in the same series over and over. But, I think this shouldn't be the case. Maybe like, the Splatoon and Animal Crossing team could just work on those franchises. But what I really hope is that, the Mario Kart team doesn't take the relative mediocre reception of ARMS to mean they should just not try to make new IPs (Arms 2 doesn't count). Also, since most of Nintendo's team were able to make 2-3 games back in the Wii U/3DS era, and since the Odyssey team released that game in 2017, it would be nice if the Mario team were also allowed to work on a big new IP. Though, I doubt that will happen, and I won't exactly complain about an Odyssey 2. 

Yeah the OP is confusing new IP (intellectual property) with new series. Cadence of Hyrule, Fire Emblem Warriors, Mario+Rabbids really aren't new IP. 

Animal Crossing is like a 20 year old franchise...

The more new IPs they make, the more current IPs will be cast aside. F-Zero, Kid Icarus, Punch-Out!!, Earthbound, StarTropics, Wario Land etc...

Ill take any of those over games like Labo and Arms. 

That's quite literally the point. Is pretty bad when one of your most recent examples of a big new IP is 20 years old. 

Labo isn't really made by one of Nintendo's bigger teams, that is their experiment team iirc. I agree with Arms but like, it sold well and if we're being honest one of the bigger problems with it is that it covered a niche Nintendo already had down. 

I'm also curious, if what you say is true, then what franchise was sacrificed for the sake of Splatoon? 

Wave Race with the new rumble would be awesome.

Too bad it will never happen. :(