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Someone from Dragon Quest. Erdrick seems like the obvious choice, being more or less the series' "Marth" and in many ways the archetypal JRPG hero. That said I think the protagonists from DQ4, 5 or 8 could also be possible, or even the DQ11 hero in order to promote that game.
It's not Nintendo's job to promote another company's game for them. They can choose a Dragon Quest character if they feel that that character would lead to more fans to purchase Smash bros. Ultimate.
Outside of Final Fantasy, though, Lara Croft would be Square Enix's most popular character.