The difference with TW101 and Fatal Frame 5, is that those were mainly by 3rd-parties. Yes, BN seemingly wholly own the BK IP like KT with FF, but both BK games were by the now Nintendo-owned Monolith Soft.
Granted Nintendo were fully involved with TW101 and FF5 obviously, so it's a grey area, but I'd feel that would give Nintendo more of a reason to keep it exclusive. The IP is very associated with Monolith and by extension Nintendo.
And Nintendo's copyright is seemingly only in the Switch version of FF5 and absent from non-Nintendo versions, so we'll have to wait and see what that means. I find it odd Nintendo's not even publishing FF5 on Switch themselves ala Dragon Quest Builders 2, you'd think of all multiplat games they'd do that one.