1) Live-action is just SOOOO overdone now, and it rarely looks nearly as good as a properly-done animated film; I could mention more modern examples like Spider-Verse and Puss in Boots, but even in the 2000s Shrek and Toy Story had amazing animation that holds up even today.
2) ...What are they going to do with Zelda? With today's godawful politics and "female empowerment" mandates, she won't be allowed to be a "damsel" like she is in most LoZ games - just like how Peach was very much out-of-character in the Mario movie, being far more open to fighting and resisting Bowser than she usually is.
Sure, Zelda has done more actiony things in the past, like controlling Phantoms in Spirit Tracks and having her own adventures separate from Link in Skyward Sword, BotW, and TotK - but those things were done largely off-camera. It wouldn't exactly work for her to join Link in going dungeon-diving or Bokoblin-slaying, as that's his thing as the player avatar (the "link" between the player and the game, hence his name).
Oh, a Zelda also hid from Ganondorf by dressing up as a Sheikah in Ocarina of Time, going by the not-at-all-obvious pseudonym "Sheik", and presumably she did stuff during the gap in time - even if she doesn't exactly do anything except teach adult-Link warp songs when he meets her again. Sheik was also going to reappear in Twilight Princess, having her own redesign, but that was cut in production.
Would this be brought back...? Who knows.
Saturday dude. 
JM 