For almost 20 years, people have been longing to see a F Zero game, and recently came an official explanation on the lack of new games in the past almost 20 years: https://mynintendonews.com/2023/07/03/ex-nintendo-designer-says-no-new-f-zero-due-to-mario-kart-low-sales-high-costs/

So it seems that the sales of the Mario Kart games on each platform is the reason behind it, in addition to probably why Kirby Air Ride hasn't been a follow up or a remake, and as to why there have been no other racing game in any form with Donkey Kong characters, and as to why a rumoured Star Fox Grand Prix game was proven to be false. I honestly don't see any problem with Nintendo being able to have more then one racing franchise, they already have more then one franchise with other genres such as fighting games. Overall I think that racing is even the closest we could get to another Kid Icarus game in any form, which would let you play as a good amount of characters from Kid Icarus Uprising in I guess Lightning Chariots.

Sure we have had a smaller F Zero game come around recently in the form of F Zero 99 which still awaits characters and stages from F Zero X and GX featured in 16bit form, but Nintendo really should consider doing more racing games in the years to come then Mario Kart, like say more stuff with Donkey Kong and Kirby. Let's not forget that each racing game that Nintendo has had over the years has also had uniqueness to one another, even the other fighting games that they've had over the years have had ways of being unique from Smash Bros..