Yeah, this is kind of crushing, but not totally unexpected.
Part of the problem is that they have a lot of games coming soon... but they're mostly games for niche fanbases. We've got Xenoblade, Fire Emblem (and a spinoff no less), Bayonetta, Advance Wars (Maybe. Hopefully, for the fans of this series), and Mario + Rabbids, and those are great for those fanbases, but overall they're not really crowd pleasing, broadly appealing games that have sold well (none of those IPs have sold more than 3-4 million IIRC). We have Splatoon 3, Pokemon SV, and Mario Kart DLC, but Splatoon 3 and MK are fairly samey/relying on old content, so those games aren't quite as exciting either. So quantity wise the year is pretty packed, but quality wise it feels like we could use one more thing and we're waiting on a Direct to see if there is that one more thing. Or at the very least finally give us the breakdown on BotW2 and/or tease something in 2023 to get excited for.