Nintendo might be a running joke amongst hardcore gamers but ironically they're the most successful console manufacturer out there.
The Switch is going from strength to strength and I'd estimate it will outsell the Playstation 4 before Nintendo retire it (it's been outselling the PS4 since 2019 already but that's to be expected given the expectation of the PS5). And from the same trial that bought us this submission we've seen Microsoft admit that they've never made a profit on the Xbox. Let's also not forget that games on the Switch are typically more expensive than the same game on other platforms. And that's without even touching the topic of Nintendo's 1st party games -- they make an absolute killing on their IP. Animal Crossing, for example, was seen by many as the unofficial game of the 2020 lockdown.
I predict Nintendo's market position will only get stronger too. With many Xbox fans giving up on buying new consoles because they're basically just PCs at this point. So switching to PCs that can be upgraded over time and still have access to Xbox content. Plus the struggles Sony have had just shipping their latest consoles and many gamers there saying they might just stick with the PS4. Yet Nintendo have calved out their own corner of the market that sits between the ultra competitive hardcore market and casual gamers who want more than crappy mobile apps. And it's a segment that's increasing in size too.
It'll be interesting to see how Valves offering does. I can't see it competing with the Switch directly but it might take more market share away from Sony and Microsoft given Valves new portable offers the capability of desktop gaming on the move.
So anyway, back to your point. You might scoff but actually Nintendo are in a far more stable and successful position than Sony and Microsoft (with regards to consoles).