I still see potential for this to become its own thing, if done well.
Coming from both a Smash Bros. fan and Nintendo fan (even though, I have grown up with the PlayStation brand myself), there was a lot of good ideas that were brought into the first game, as well as some neat concepts too and this could do really well as a franchise again, if done well.
If a true sequel does happen in the future, I hope Sony will have more faith going into it versus just doing it for the sake of saying "hey Nintendo, we can do it too."