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Thinking of what IPs Nintendo would be most likely to give to a third party like Bandai-Namco to remaster, my money would be on F-Zero. Their remaster-remakes of their more prominent series tend to be done either in-house or by a studio too closely aligned with Nintendo to be considered third-party like Grezzo. An HD remaster of a game like F-Zero GX, which was already developed by a third party, makes a lot of sense as long as Sega doesn't have very specific rights pertaining to rereleases. It's a game known for it's graphics and wouldn't need as much work as other games to look pretty good by Switch standards. A remaster to test the waters and see what sales could be for a new game also makes sense to me.