I think Nintendo is gonna chill out because they got what they wanted. AFAIK in the super blatant piracy lawsuits, they won huge sums of money but required stupidly low payments of $50 monthly. Part of me thinks that they don't actually care about piracy itself, but they do care about how it affects their ownership of their properties.

A big reason why I say that is because of a legal theory made by Moon Channel on YouTube. Nintendo as a young company was sued by Universal because Donkey Kong violated the King Kong trademark. Nintendo won that case by arguing that Universal lost said trademark because it was loosely enforced, and they probably feared that another company could do the same to them if they weren't careful. This could be why they are only suing big targets that are profiting from emulation/piracy and not "non-profits" or smaller sites.

That being said, Nintendo wants to create legal precedent by denying a specific principle in the DMCA that was legally ambiguous. Previously, it was assumed that you could bypass copy protections by supplying your own keys, but now, providing instructions on how to do so may not be allowed.