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Probably because Nintendo doesn't want to invest their resources into one of the most over-crowded genres, especially when this genre requires a fairly massive investment and dozens of games that made that investment fail to (come close to) breaking even every year ...

Nintendo's biggest budget games tend to be the best games in a genre where there are only a couple of games (worth playing) released every year which means that the risk is low ... The FPS genre has (at least) a couple of decent games released every month and only a few ever obtain the return on investment that Nintendo desires from their projects.