The physics engine (or at least, the extent of it) in BotW is a good example of something that new hardware enabled. And things like that are and will continue to be made possible -- or at least expanded in scope -- by new hardware. But that's not what we're talking about. We're talking about gameplay concepts that can move a franchise like 3D Mario forward. "Lots of physics objects" is not a new gameplay concept, and the fact that Link has momentum and ragdolls around in BotW isn't what makes the game what it is.
Lots of physics can be a new gameplay concept. "Am I going to cross this river by cutting a tree? Stacking stones? Using this metal piece, my magnet, and a bit of troll physics?"
It's just that Nintendo killed the potentially endless possibilities offered by their strong physics simulation by giving us a parachute and making every surface climbable. In the end, the physics in botw became mostly just a nice little thing for funny YouTube videos and random testing, but it was rarely part of the gameplay except in some of the shrines.
But there are still glimpses of what could have been here and there, in eventide island or in the dlc for example. I personally have the feeling that the next Zelda isn't going to be a real progress in that direction, unfortunately.