Why doesn't every game on playstation 5 come out like hyrule warrior time of devastation?

Why is that

The same reason there are PS exclusives.

Because Zelda is a licensed product from Nintendo.

And they usually keep these on their own console.

Because some manufacturers limit themselves to a certain console, the games are called exclusive titles. They are just made especially for one console and not for all platforms.

Because the licenses are held by Nintendo and they don't want your game to run on the competing device.