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You kind of need to have succesful large install base that is worth "upgrading" before talking about this.
Assuming that happens, then sure why not, but that isn't any special feature of the Switch HW.
Any HW could be re-spun at smaller fabrication process node, upclocked, given more RAM, etc.
If the install base is not large enough, or the future architecture is too appealing not to use,
then they will go to a new platform, like MS is doing with Scorpio, because sticking with ESRAM
will only hobble their performance (which is selling point they are aiming for) and why not ditch Jaguar while they're at it?
The point being a fully-compatable upgrade makes sense when you had a good platform technically and sales-wise.
If you don't have those, then you don't want to hobble the next gen by the previous gen's failures.
And freeing yourself from those failures will allow more power which can make x-gen more feasible on it's own.