With so many first party game selling so freakishly well (Xenoblade 2 shipped a million in a month!), it's time for F-Zero to shine! What Miyamoto? You want new control methods? How about two joy cons and a Labo cardboard!?
They will, it's inevitable. Nothing goes away forever.
The question is: who does it? I'd pay unlimited money to have the original Amusement Vision team work on it, but they're deep into a gajillion Yakuza games, so it doesn't seem likely.
I think claiming that they are "foolish" to not do that is probably taking it a little far.
I'm sure a good enough F-Zero game could sell reasonably well, however I don't think Nintendo urgently needs to release a new entry. They are probably fine without it, to be honest.
Just give the IP proper to the FAST Racing devs and we're good to go.
Or, if we're dreaming, we could make a new type of game entirely that explores F-Zero's criminally underused setting and characters. I still want that CapFalc Platinum action game...