I see no point in bringing up Nintendo's old policies from the NES era in the context of current Nintendo. It was a completely different market, practically rebuilt entirely thanks to the NES after the crash, run by different people, and with many actions that have more than one interpretation.
Iwata's Nintendo has collaborated with 3rd parties in many ways, including marketing, publishing, localizing, assisting and funding games from them. Notable examples of these include collaborations with Namco-Bandai (Mario Kart Arcade games, Wii Sports Club, Smash Bros WiiU/3DS, Star Fox Assault), Sega (Bayonetta 2, Mario and Sonic, F-Zero AX/GX, Sonic: Lost Worlds), Tecmo-Koei (Hyrule Warriors, Metroid: Other M, Samurai Warriors 3, Fatal Frame), THQ (uDraw), Square-Enix (Dragon Quest, Bravely Default, Mario Sports Mix, Mario Hoops 3-on-3, Fortune Street), Capcom (Monster Hunter), Atlus (Shin Megami Tensei X Fire Emblem, various games published in certain regions), Level-5 (Professor Layton, Inazuma Eleven), Ubisoft (publishing Just Dance in Japan) and various cameos from Nintendo characters in their games. They have also worked with lots of external developers and invested in Unity to attract indies, with small developers like Shin'en, Wayforward and Renegade Kid proving how there's success to be found on their platforms. Just because they don't follow the same strategies of Sony/Microsoft doesn't mean they're not willing to collaborate with them. And just because they chose to separate themselves from the current homogenization that gaming is going through hardware-wise (something that I personally appreciate) doesn't mean the doors were shut. They gave them an alternative, and many of them took good advantage of it.
As far as your opinion on the importance of hardware specs and production values, I'll just state here that I couldn't disagree more. I don't judge games on the basis of said measures, and as others have already mentioned, many developers have gone bankrupt by trying to fulfill said expectations. The cost of HD development has also been in big part responsible for how big publishers these days see games as a checklist that needs to be completed, avoid taking risks, and promote questionable practices like abusing DLC, online passes and charging for online gameplay. Nintendo avoided said abuses while creating games that provided both fresh and traditional experiences with plenty of polish of their own, regardless of being on less capable hardware. Hardware that provided new ways to experience videogames, which, regardless of your personal opinion of them, were enjoyed by millions around the world.