If anything I think the new merch is just another thing pointing to Banjo in Smash, if it's pointing to anything at all. I don't think a new Banjo-Kazooie game is ever going to happen, and I say that as someone who's primary interest going into every E3--since I first started watching them back when they aired on G4--has been the reveal of a proper BK3. It's time to just accept that it isn't happening.
That said...I love Nuts & Bolts, I love Yooka-Laylee, I love Sea of Thieves, and I'll love Banjo in Smash if that ends up happening. None of those things can ever replace the thing I want most, but I'm not going to let the absence of my most wanted thing subtract from my enjoyment of other awesome things that aren't my most wanted thing.