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Soundwave said:

The game's producer got pretty emotional when he was acknowledged during the event. I do think for what its worth, this team is taking the project pretty seriously. 

I don't for sure of course but it probably was a really big moment for him. He and his team is working on a project that for many is an honour to be a part of, and the footage shown suggests that they're putting some effort into it. I suppose he's a less known developer (?) so getting this kind of acknowledgement live during an E3 show by Shigeru Miyamoto, whom many consider a true legend, while presenting this project for the first time is probably a pretty big deal for him.