Almost everything is dependent on nostalgia today, on all forms of media. The reason for this is to maximize profit.
Few big companies today develop for the purpose of creating something artistic. Most will go after a sure-fire hit, and generally the easiest way to do that is to fall back on trusted IPs. The problem in the end result is that the new content often lacks soul. This has hit movies much harder than video games, but it is happening with games.
Series like Metal Gear, Resident Evil, Final Fantasy, Call of Duty, Assassin's Creed, and so on sure will offer new entries the latest graphics, but are their games truly captivating?
To me, the company that stands out as one that changes the formula and takes risks is Nintendo. While they often fall back on tested IPs, they almost always change the formula in a way that makes the games very creative and new. And then they also create many new IPs, the latest one I believe is Ring Fit Adventure.
Bolded: You got this backwards, all of those franchises are actually better at changing up the formula than Nintendo, every main Metal Gear game has added something to formula, final fantasy always changes up the battle system and as for resident evil ( cof cof.. RE4, RE5 and last but not least RE7 all would like to have a word with you.)
And Nintendo is the most risk averse gaming company out there. Look at the Wii ¿Ever wonderer why it was basically a gamecube with motion controls? If they were about the risk, the Wii would've been an HD capable console, it is not because if it had flopped, they would had made some money out of it.
Same story with the WiiU, use the Wii brand to make it sell, didn't work and dropped it faster than a red hot ball of iron on their hands.
Also, look at how they manage their IPs, they are very creative, but also super conservative.
What? The Wii U may have been Nintendo's biggest home console flop in terms of sales, but it wasn't for lack of trying on their part. Poor branding and poor advertising early on, yes. But "dropped like a red hot ball of iron" is being disingenuous.
System Release: November 18, 2012
Discontinued: January 31, 2017
Some notable Nintendo developed or published games released in 3 year or later:
Mario Tennis Ultra Smash (2015)
Splatoon (2015) released in 3rd year of console's life as a brand new IP and launched a hugely successful new franchise.
Super Mario Maker was released September 10, 2015 and I remember a huge effort to push it with Wii U bundles in the 2015 holiday season.
Yoshi's Wooly World (2015)
The Legend of Zelda: Twilight Princess HD (2016)
Star Fox Guard/Zero (2016)
Tokyo Mirage Sessions #FE (2016)
Paper Mario Color Splash (2016)
The Legend of Zelda: Breath of the Wild (2017) released 2 months after the console was officially discontinued.
Nintendo also made an effort to collaborate with other devs to share IP's such as with Koei Tecmo on Hyrule Warriors and with Atlus on the aforementioned Tokyo Mirage Sessions. They also made an effort to publish games for other devs to bring exclusives to the Wii U at the time such as The Wonderful 101 and Bayonetta 2.
3rd Party developers may have dumped out of releasing games for the Wii U a year into its lifespan (EA never released another Madden NFL on the system after Madden 13 in 2012), but implying that Nintendo abandoned it just as quickly is highly selective memory.
4 years and 3 months isn't a long console life by any stretch, but there have been worse. The Dreamcast released in NA on September 9, 1999 and was discontinued on March 31, 2001. That's less than 2 years (still less than 3 years even if you had the 1998 Japan release).
Sony may not have officially discontinued the PlayStation Vita until 2019, but what efforts did they make to support the system beyond mid-2014 (two years into the systems life)?