Too much name recognition at this point, and it's one of the most popular series in the industry. No way it ever gets changed.
Although, OP, you do make a decent point and have me wondering why they even called it that in the first place. Like obviously it's a play on "Super Mario Bros'" but only 2 characters are from Mario in that first game.
I fully expect the next Mario Kart to have all stars from Nintendo's biggest franchises much like the 8 DLC, but it will still be called Mario Kart, as that brand is way too strong to change it to anything else
Stop trying to get a reaction by saying shit like this, it makes people who are concerned about genuine representation issues look bad. If you want to talk about inclusion in Smash, talk about how there's practically no PoC.
It would be like how updating the Smash symbol would be a bad idea. It's divided into four sections to represent 4 players. Now that there's an ability for 8 ever since Smash For, it's no longer accurate, but the symbol shouldn't be changed either because it's so iconic with the franchise.