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If Smash Bros. Ultimate worked in the Splatoon/ARMS-like DLC system, it would've been hard to advertise the game as "Ultimate." Plus, the big marketing push for the game was "Everyone is here!" That's over 60+ characters already.

Plus, Sakurai does not really roll with that type of content system. He's usually one, as noted from previous interviews, that wants to provide the best game he can make, thus, slowing releasing content akin to Splatoon/ARMS is not his style.

Ultimately. no pun intended, he needed about 2.5 years (actual development started in February 2016 as per his latest interview) to complete Ultimate.
https://www.sourcegaming.info/2018/12/12/sakurai-tells-more-details-about-smash-ultimates-development/
So Summer was unlikely for him to release the game as advertised.