Let's first consider how items in 3D Zelda feel to use in gameplay by contrasting Skyward Sword and Breath of the Wild.
The Paraglider has much more utility than the Sailcloth. You can Shield Surf and the Bow can be used midair in BotW. Magnesis is useful in combat as well as being used in puzzles. BotW adds elemental blades and multishot bows, and some other weapon variants. Bombs can be dropped below you while gliding in BotW, but Skyward Sword does let you roll Bombs.
However, there are reasons to prefer the approach that SS takes to progression and to the tactile feel of items. As useful as they are, Runes not being physical items is somewhat less appealing than the Beetle being a unique Gizmo that physically changes when you upgrade it. And of course all the cool new weapon designs in BotW are disposable items.
In Summary: The items and abilities in BotW and TotK have more interesting gameplay integration, whereas old 3D Zelda had more tactile puzzle-solving tools that lended the games a stronger sense of progression.
It would be really cool if the next game could find a way to integrate the strengths of both approaches. Having some puzzle-solving gizmos that you obtain in the dungeons and that can be upgraded could work pretty well in the modern, open-ended approach. The Beetle could be really useful for fetching materials from a distance when out exploring the world, as one example.
And having some weapons that the player gets to keep permanently could be fun. Even if their use is limited in some way, just having them stay in your inventory forever could go a long way to making them feel much more rewarding to obtain. Especially if those weapons have narrative significance.