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The reason why Nintendo lacks 3rd party support from major developers doesn't exactly come down to hardware limitations most of the time. You need to remember that a lot of 3rd parties got burned in the days when people thought that Nintendo could do no wrong, and a lot of them were the most vocal in switching support when Sega and Sony came along.

Every generation since, Nintendo has relaxed more and more of it's restrictions and costs it imposes on 3rd parties (still going since the WiiU), so they're slowly catching up...