I don't think the graphics are that *terrible* from what I'm seeing. I do think it's the right direction to at least chibi the characters and restrict to four direction because it'll make the animations far less jarring, but people were probably expecting something more like Let's Go Pikachu/Eevee (which looked miles better than Sword and Shield, say what you want about those two). It does kinda look "cheap", like the visuals look like mobile game material. Textures are still super flat and bland. Maybe same tier as Mario Kart Tour. Walk animation is, no.
I don't get the comparisons to Link's Awakening. This looks a lot cheaper.
Holy hell did Sword and Shield really drive down my expectations for this. This better be semi-decent.