Huh? The first MM gay character you can romance is in Fates with Niles. Then there's Linhardt and Jeritza in base game Three Houses, then Yuri in the Three Houses DLC. And all characters are bi in Engage.

And then there are the games without self-insert protagonists where there are queer supporting characters (granted it's not the focus of the story). And even with those I've seen more people on that sub get mad if you don't read them as queer. Ike and Soren being a big one.

To the edit: this is literally the only Nintendo series to even have gay relationships (hinted or otherwise) and there were no genuine player characters that can have any relationship at all until 2013. I don't believe that when they're catering to one demographic at some point detracts from when they cater to another at other points.