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Shadow1980 said:

TL;DR: Competition is good for any industry, and with console gaming, platforms need quality exclusives to differentiate themselves from the competition and stay healthy. Exclusives aren't the only thing that matters for a platform's viability, but it's arguably the most important.

All agreed.

In the end:

Which platform is the most tight on its exclusives: Nintendo
Which platform is the most profitable: Nintendo
Which platform is the most popular: Nintendo

Without Nintendo's popular exclusive franchises, the Wii and Switch would not have done as well as they did.
Thanks to their powerful long running exclusives, Nintendo can launch 'underpowered' hardware and keep the costs of development down.