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1. The Wii U version would likely be gimped to steer people towards the NX version, as Nintendo will want that one to sell more to push their new system.

2. People who bought a Wii U in expectation of Zelda will feel cheated, as they could have gotten it without dropping $300 USD on the system. Wii U would be the first Nintendo home console ever to miss out on an exclusive Zelda, so it's a very reasonable expectation to have.

3. It doesn't exactly inspire confidence in Nintendo moving forwards; if Wii U never gets its own Zelda, who's to say future systems won't either? Once burned, twice shy.

Bottom line, a lot of fans would very justifiably feel betrayed if this happened. Even Gamecube at least got Wind Waker all to itself.