This is a bit of an odd one today, because Link’s iconic hat actually exists in Breath of the Wild in multiple different versions depending on which amiibo you are tapping. That being said, the art director for Breath of the Wild, Satoru Takizawa, had this to say in an interview with Polygon:
“As the graphic fidelity has increased it becomes more difficult to make that hat look cool. As the game becomes more realistic it’s difficult to present it in a way that’s appealing.
If you look at Twilight Princess, I really made the hat long, so it would flap in the wind and move around. But because of that people were like ‘What’s he got? What’s in that hat?’ We’re reaching our limits as to how we can make it look cool.”
This could mean in future 3D Zelda games, we no longer have the iconic hat present as a mainstay. This sounds odd to me, but I am obviously not an art designer.