Why doesn't Nintendo let estabished indie devs borrow their IPs ?

[Alkibiádēs]

Nuvendil said:

Budget, most indie devs could commit very little in the way of funds so for Nintendo there is little financial incentive on that end.

Scale, the majority of indie devs are fery compact teams and not structured for working with publishers and overseers on very large projects.  Most would drown in such a partnership. Of course you could leave them to their devices but that leads to...

Risk: most indies work best out from under publishers/overseers. Which means for this to work you would have to roll the dice that the dev gets it right. Most 1st parties don't want to do that.

Honestly, very few indies would work well as part of such a partnership. Maybe Shin'en and Playtonics, maybe.

Sonic Mania.