Given Nintendo is (likely) very aware about the talks about their next system being at an all time high right now, them deciding to let a license fade out right now is definitely a curious timing.
As long as they're not literally calling ReDraketed "Switch" again, without any other addition, i don't think SEO/YT search visibility would be an issue, so they could've just let the license go on for half a year or a full year again.
It's not that Nintendo couldn't afford doing this financially.
It's also (to me) curious that they suddenly said to themselves "That's enough now" after 7 years.
Technically, they could've called quits for that video the moment they announced the OLED, again imo.
I say both sides have valid arguments in this case. Good thing is, we don't have to wait long if there's really more behind it and not just license shenanigans.