I don't think the problem is that Nintendo are less creative or release less IP; I'm surprised Luigi Dude didn't post his list of Nintendo's new IP games over the last ten years, it's surprisingly large. The problem is that in most cases Nintendo don't really push the new IP. The easiest examples are The Last Story and Pandora's Tower, and maybe Xenoblade if that counts, which people had to try and fight to get released. Beyond that, there are several that never left Japan, and many more that went unadvertised.
Sometimes it feels like there are two sides to Nintendo, the creative side, and the business side. The creative side gets us the new IP games and the expertly-crafted games like Super Mario Galaxy, and the business side gets us the stagnant sure-fire hit product like New Super Mario Brothers 2 and Mario Kart VII. It would also seem that the more money Nintendo make, the more conservative they become, releasing less of the smaller titles outside Japan and sticking with the big hits.
Now I know that Nintendo needs business sense to stay in business, and so I can understand some of the decisions they've made, especially when facing an unprofitable year. But I think they can do a better job of balancing the two sides, and finding a way to make profit on smaller niché games or pushing certain new IP to become larger games. They've done this at times in the past, and they've done it even recently, with hits like Brain Age and Nintendogs. So I hope they can further improve in the future.