Indie teams are mostly made up of considerably less than 100 persons. Shovel Knight got made by 5 persons, The return of Obra Dinn by a single developer! Nintendo games have hundreds on people working on a game. Sure, RDR 2 had an incredible big budget, But it is an exception in the industry. Horizon had 250 people working on it at max. On God of War worked 270 people. That is similar to Nintendo productions. Breath of the Wild had 300 workers on it. So you're wrong. Nintendo lies safely in the middle of the industry. That Rockstar has ridiculous budgets is the actual outlier.
All that tells me is that people working at Nintendo need to get fired. If God of War and Mario Tennis/Labo has similar production values then Nintendo devs are frankly incompetent.