for whatever reason mario and zelda aren't in actually relationships with peach and link respectively. in zelda's case the dynamic between her and link is dependent on the incarnation in question and even BOTW didn't actually solidifiy his relationship with Zelda or even start anything as their destinies only makes them constantly interact rather than fall in love.
but this is basically some jargon to validate the infinite possibility of this happening
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I have to agree with syrias here, iv barely played legend of Zelda but yet every game know who's they are and what their about, I agree that there should be a relationship between the two, it just makes sense, and while I agree this "could" happen, the odds of it is very very very low, plus if this did happen knowing the characters and relationships with each other (i.e. family, friends, lovers, eta) then I can see dairy probably dumping luigi (out of jealousy to try make herself as good as peach) which will break his heart, which could cause all kinds problems to happen, not to mention how Mario feels about all this? its all honestly the "ship" is a nice thought but in practice it creates holes in both character and lore, plus I can garneted it will cause mace dating between the characters of smash which kinds takes the point of a game about fighting when all the characters don't want to hurt each other, it wouldn't be fun it would boring and stupid.
p.s. if any games are like that fine but smash is about fighting and as such should be about just that.