Nintendos is in a unique position where their IP are their primary brand. What you said is true, their franchises are so malleable because they dont really follow a set continuity or even have voice acting.
You want to make zelda about time travel? Go ahead. You want to make a Kirby game about a post apocalyptic world? Sure. You want to make Mario literally about anything? Coming right up.
A company like sony can’t really make The Last of Us into a cartoony platformer or racing game. Although they are learning how to expand their IP’, while they can’t stretch them as far as Nintendo’s stuff they can bring them to movies, mobile, board games and multiplayer, etc.
Nintendo is like Disney, where they can insert their characters into any particular situation and it will most likely work. Its probably why they haven’t been that quick to adapt their stuff into cartoon shows and movies until now.
They don’t want their characters getting typecast into any particular personality traits or stories. Mario, Kirby, Link, Pokemon trainer, Yoshi, are all heroes, thats their personality.