To be somewhat fair, the Switch is now over six years old, and whilst there was better hardware out there even when it was released, there's been a bit of an explosion in the handheld gaming market recently - due in no small part to the success of the Switch - with devices like the Steam Deck, ROG Ally, and whatever the latest Ayaneo is called showing that you really can have high-end performance gaming on more portable devices.
People want a new Switch console because it is literally being carried by first-party software now, with multiplatform titles launching in a truly dreadful state at times with no amount of patching being able to make up for it. For every amazing port like Persona 5 and NieR Automata, you get at least five like Sonic Frontiers, which is agonising to play on Switch. I wouldn't go so far as to say Nintendo are becoming a "hated company" for being bullish about the Switch, but the sales are slowing down to reflect the general market mood and they're not going to be able to sit on it the way they have been much longer.
At the risk of this post aging horribly within the next month - we have not-E3 and can probably expect the standard summer Direct announcing the lineup for the second half of 2023 alongside it - Tears of the Kingdom might have been the Switch's last hurrah.