I think what GF needs right now is another company to help co-develop the next game with them. Despite wanting to branch out, they also lock themselves in as the developer for Pokemon despite plenty of other studios proving that Game Freak has plenty of competent replacements. Hell, considering how buddy buddy Bandai-Namco has been with Nintendo lately, even developing the new Snap game, I've said before that I'd be okay with them lending help to the next iteration of the series. They have the talent and resources to make large scale games, and ironically, but also fittingly, they also develop the Digimon series. They know how to make an RPG and their graphical talent is impressive when you look at something like Ace Combat.
I also think what Pokemon needs is a game that really encompasses adventuring, just like how BOTW did. The wonderment of discovering a land filled with unknown creatures to your young 10 year old self. Doesn't have to be fully open world but should at least be way more open than the whole Wild Area. Whole forests, towns, cities, and cave systems to explore. Physics puzzles that use your Pokemon to get farther in the game instead of arbitrary things like badges or moves, making it so you can truly go anywhere so long as you're willing to put time into it.
What we have now is a railroaded JRPG slog that, while sticking to the core of the series, is constantly putting forward half-baked ideas and rather meager gameplay elements. I still think they should have kept Mega's and refined it but I realize now that Nintendo's core idea of finding new ways of play means that Game Freak is forced to innovate new gameplay elements instead of sticking with ones that work and riding along with it. What has made other Nintendo properties great has been a detriment to the Pokemon series.