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Nintendo doesn't have to go "third party".

They can keep making Switch and Switch-like hardware.

Mario & Zelda can appear on Playstation/XBox the same way they are going to appear on iOS/Android ... Nintendo can pick specific titles for those platforms. In return perhaps Sony or MS could also provide Switch hardware.

I could see that.

Why do iOS/Android get Nintendo IP? They are basically as much of a competitor to Switch (maybe more) than PS4/XB1 are.

Putting a few Nintendo IP on PS/XB platforms could help boost Switch sales by introducing a different group of gamers to their main IP, just like iOS/Android games do on smartphones.

Switch is a mainly portable platform, Sony/MS are not competing with Switch.