I think the main problem is that nostalgia keeps people from letting stuff exceed those expectations.
I don't think so.
I adore SMB3, but haven't been as enamored with the NSMB series.
Meanwhile, I grew up on SM64, but I drastically prefer Galaxy.
I recognize that SMB3 was on the cutting edge of level design at the time, while NSMB obviously isn't. But that isn't just based on my experience with the game--the developers have stated numerous times that they were shooting for a lower common denominator so casual players could finish the game, while offering collect-a-thon elements to challenge experienced players.
Meanwhile, Ocarina of Time was my first Zelda game, but I find myself way more enamored with the open world approach of the original LoZ today, even though I never really played it until 2011.
It can't just be nostalgia. I'd wager it's a recognition that certain defining qualities simply aren't there any more--the simple, open exploration and reflex-heavy combat of LoZ has become the puzzle-driven exploration and AI-exploitation combat of SS; the raw levels of SMB3 have become the fully-choreographed levels of NSMBU. The games have changed in a way that doesn't have the same appeal.
You know, not everyone loves Zelda 1's extreme open ended structure, even though it was revolutionary back in the 80s.
You'd never know if people would like it today, because Nintendo never actually bothered to improve on it.
You
do, however, know that Zelda's popularity is much lower than it used to be (sales tell you this) at the very same time that people have consistently proven that open world games are massively appealing (sales of Minecraft, Skyrim, Assassin's Creed, et al.). I do not think this is a coincidence.
I'd wager people do like open-ended structure--it's just that Zelda hasn't actually offered it since the early 90s (bar ALBW*). In fact, Zelda has missed out on the open world resurgence so badly that it was actually moving in the exact opposite direction as these games came on the scene.
*I suppose you could debatably say that OoT is somewhat open, since it really does let you go lots of places from the get-go even if there's a recommended, partly-required order of things.