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Subnautica appears to be getting a physical release
Deep dive into retail
Subnautica was announced for Switch earlier today, and it's coming out sometime in early 2021. What wasn't mentioned during the Indie World Showcase reveal was a potential retail release.
When you search for Subnautica on Switch over at Nintendo's website, you will get the cover art you see above. It's only in the thumbnail before you click over to the info page, but I'd say it's still a good indicator of a retail release.
As it stands, this is the only place I can find that points to a retail release. The official Subnautica blog announced the title for Switch, but made no mention of a retail release.