I asked :P
That is a game I was thinking about as well. Even though very few of the franchises in Project X Zone (1 and 2) have the popularity of even Zelda's caliber, a lot of these franchises have their respective fanbases such as Soul Calibur, Tekken, Ace Attorney, Xenosaga, .hack, and Tales of.
Not sure what you mean by "even Zelda" when Zelda is one of the most popular franchises on these lists.
But I did the math now for Project X Zone 2.
Looking only at playable characters you can have on your team:
Total characters: 85
If we include bosses you can fight against, it's a total of 98 characters.
Just learned that some of the bosses are playable characters you can recruit. Not sure what the total number is, but I'll update later if I bother to count them.
Project X Zone: 58 + ??
Smash Ultimate: 69 (Including Echo Fighters.)
Project X Zone: 33
Smash Ultimate: 32