ARMS was originally released on June 16, 2017 while Min Min became a playable fighter in Smash on June 29, 2020.
If Phoenix Wright did join, he'd be Capcom's 4th rep in Smash Ultimate.As of right now, there is no third party company that has more than 3 playable character in Smash Ultimate.
However, it was originally Capcom that broke a similar trend when Street Fighter's Ryu joined Mega Man in Super Smash Bros.Back then, no third party had more than 1 character playable in the Smash series4