It's because the Wii U has no target audience. The GameCube had a target audience; Nintendo fans. Now you're going to say "But the Wii U should appeal to Nintendo fans!" but games are just coming out too slow for the Wii U compared to the GC, which already had a Smash Bros., Mario, Zelda, etc. etc. game released by this time.
But I think the biggest issue is that kids today didn't grow up with Mario or Zelda. They are growing up with Call of Duty, Minecraft, Uncharted, etc. etc. In the GameCube era people who grew up with Mario and Zelda still played consoles, but today not so much. I remember the hype for Smash Bros. Brawl being off the charts, but the hype for Smash Bros. Wii U is so tiny Nintendo is focusing on the 3DS version.
I predicted the Wii U would sell about 40 million but now I have halved that prediction.
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