I am not sure how I would feel about a Zelda series. I definitely understand why Nintendo would be extremely protective of that IP especially with how highly regarded it currently is. The problem is that Nintendo being overprotective of their brand is precisely what would make the show not great. Writers need to be free to go in their own direction with adaptations and the more restrictions that get placed on creativity, the worse the end product becomes. I am sure that Nintendo knows this and I just highly doubt that they would seriously entertain relinquishing control over Zelda right now to allow a decent adaptation to be made. Regardless of the rumored reasons for the cancellation, it seems more likely to me that Nintendo may have just been testing the waters and entertained a pitch for a Zelda series but were never that serious about proceeding. Besides, having a Zelda drought, if anything, builds hype for BotW2, why would they want to dampen the unprecedented anticipation right now with a TV adaptation? The risk of it becoming a "Star Wars Holiday Special" type situation is very high, in my opinion.
I think that it would be a far better idea to let writers adapt one of Nintendo's less successful or inactive IP's into a show. Earthbound would be fun, although it would probably make a better anime series than it would a live action show especially with it being a Japanese caricature of American life. Star Fox might work but it's not the 90's anymore and I am just not sure how easy it is for new sci-fi franchises (e.g. not Star Wars and not Star Trek) to find a lot of success with television viewing audiences. Metroid might work better since you can delve into the fantasy direction with the lore of ancient civilizations and not just be constrained to life on a starship, etc. Metroid is also the case where you can have a strong female lead without having to betray the character relationships of the show which, I feel, makes it more conformable to the desires of North American television audiences in 2021.