Just how many leaps are taking to get yourself to that uh oh feeling?
After looking at the filing, this is likely just a means to protect the common NSW naming convention for the Nintendo SWitch. It really wouldn't make sense otherwise given that the Nintendo Switch is well known as NSW for them to later utilize those very letters to reference anything else.
I know, but it could still mean something new, and the past shows us that Nintendo has made some huge blunders with certain systems. Virtual Boy anyone?
Even if it meant something new, that doesn't necessarily mean it's a new console. And even if it were a new console, that doesn't necessarily mean it will be a Virtual Boy.
You pulled yourself though several layers of perceived negativity to arrive at your "uh oh" conclusion.