It's a case of both.
You don't think marketing execs aren't pushing for these character designs as a means of merchandising them further (i.e dlc, outfits, toys etc)?
Artists who make art on their own time however, aren't influenced by these forces unless they are seeking money (i.e patreon).
Fire Emblem got resurrected because they put out a critically acclaimed one with good production values and assessible mechanics on a popular handheld in a time where demand for turn based tactical games was up and the only other option was X-Com.I'd argue that Fire Emblem was basically resurrected because of waifus though.
It's not an end all solution, but it happens in instances.
I don't recall, back when Awakens was popping off, the Waifu element really being brought up in the wider discussions the same way as, let's say, Overwatch.