The rumored Zelda-led game being a new Hyrule Warriors doesn't make sense to me because the whole series is about playing as many characters as possible. Don't know too much the previous Dynasty Warrior games, but i don't think there was ever an entry that centered around one character. Seems to go against the appeal of the series.
Well, as a long time fan, let me tell you...it wouldn't be the first time!
There are previous Musou/Warriors games that have the story mainly revolve around one character in a similar fashion, even if there are others that are still playable. For example, Samurai Warriors: Spirit of Sanada, true to its name, largely focuses on the exploits and career of Sanada Yukimura for the main story. However, the rest of the 60+ character roster rolling over from SW4 is still there, make their appearances in story mode, and, of course, are available in free mode.
Likewise, for another "franchise collaboration" game, you got the Fist of the North Star: Ken's Rage games. Other characters have their moments, but obviously, much like the manga source material, the main story focuses largely on the MC, Kenshiro.
So, especially with all that in mind? I definitely would say that AoC was definitely "Zelda's game". The story revolved around her, as she grew into her power and purpose, even as the various other characters of the cast still had the moments. Something like that, or even more, I could see still falling well within that realm. At least, if this all leads somewhere.
And, of course, this is all assuming Omega Force was indeed tapped, again. Me? I'd be more than fine with Omega Force passing the baton to Team Ninja, and giving us the hardcore Sheik ninja game that I've been wanting since the days of Melee!