Nintendo quarterly sales update (To December 31st 2022) Switch 122.55 million

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Hardware releases are planned years in advance, and games take time to make, so both the successor and it's games are likely pretty far along at this point.
Normally we would've seen the next 3D Mario by now; it's been over 5 years since Odyssey. I wouldn't be surprised if they're holding that back for Switch 2.

Previously, Nintendo systems often had very lean years leading up to replacement, but this seems to have been alleviated this time by the fact they only have one hardware line now. In 2011 for example, Nintendo was having to develop for 4 systems; Wii, Wii U, DS, and 3DS, now they only have to develop for Switch and Switch 2.
This year's emphasis on DLC and the lack of any big new games at the recent Direct suggest that things are beginning to wind down, just more gracefully than we are used to; a SNES to N64 type transition rather than Wii to Wii U or Wii U to Switch.