Is Nintendo effectively, for all intents and purposes, invincible at the moment?

Title.

Whenever something (an article or post) is shared here that paints Nintendo or one of their products – often but not exclusively Pokemon – in a negative light, there is always a flood of people saying "quality is irrelevant, it will sell millions anyway, Nintendo always win." I'm sure in a lot of instances this is just bait, but some of these individuals seem to genuinely believe it.

I wonder, just how true is this, do you think? As long as they have the keys to IPs like Mario and Pokemon, as well as a multi-generational army of devoted fans, are they now the definition of a company that is too big to fail?

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