I liked what BOTW did with the story being mysterious and taking place in the past. It made a great setting for exploration. However, it calls for a sequel, this time with a richer story taking place in the present time.
I think they should reuse the map of BOTW, with some tweaks to keep things fresh. Some of the ruins in the wild could have become small towns as civilization has started to flourish again. Maybe Link could even become a landlord an you could design your own little town.
As for the story, Link and Zelda could start building a new squad of Champions consisting of the different races (goron, zora etc.) including some new races and thus new adventures, like koroks and the minish from the Minish Cap game. Add classic Zelda dungeons without making the game too linear, including a water dungeon and thus underwater exploration throughout the whole map. That in addition to the minish exploration, and maybe some new area up north, and so we have another masterpiece at our hands👌