There's a narrative that's been around since at least the late Wii/DS days regarding Nintendo. They don't make New IPs, all they do is rely on safe franchises. It's a narrative that's always been BS, and always will be BS. Yet even today, with the Switch, people still roll with it. Why? In just under 2 years, the Switch has already received 1-2 Switch, ARMS, Nintendo Labo, Snipperclips, Sushi Striker, Astral Chain, and Ring Fit Adventure, with more similar games coming. Yet that's not enough for you? Game development is a lengthy process, you can't expect Nintendo to drop a new IP every minute on the minute.
Now, I understand why they make this argument. It's not that they want New IPs, its that they want new franchises. Large-budget, marketable games that sell tens of millions of copies and join the high ranks of Mario and Zelda, just like Sony does with their games, and in recent years, only Splatoon seems to have achieved that status. But what these people ask is unrealistic. Making a game is challenging, but Making a phenomenon is brutally difficult and very risky. Splatoon wasn't even intended to be the runaway success it ended up being. It was a surprise runaway success not even Nintendo saw coming.
Point is, you don't have to make the next big thing every single time. Most of the time, modest budgets and modest success are good enough. ARMS only sold 2 million copies, but Nintendo will likely keep it around for a while.