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I was so young at the time I wouldn't have known, but I've never came across anything suggesting that OoT was recieved negatively when it first released.
Wasn't by critics, but I know a lot of players I talked with hated the game.
Are you sure? OOT was universally loved by critics and players alike as far as I am aware. It sold great too. I know you said it 'managed' its sales but 'managed' would imply it struggled after the highs of previous entries. This is not the case. It reality it exceeded all Zelda's before it with the N64 version selling better than the original LoZ's 6millionish on the NES, Zelda 2's 4 millionish on the NES (that's the one people didn't like) and then of course ALTTP's 4 millionish on the SNES. Many people were introduced to Zelda with OOT, and mechanics borrowed from it have been used in almost all 3D games ever since. It's always been seen as revolutionary and the greatest game of all time. Consistently topping polls.
It's been a sin to criticize OOT and I don't remember encountering anyone who has said they actually don't like it apart from complaints of it being too hard. I wouldn't say Nintendo mismanaged the handling of its publicity because everyone loved it. The only mismanagement I would say is not capitalising more on it and waiting until 2006 to make a true spiritual successor.
You and I might have run in very different communities, as I remember a lot of hate being directed at OoT. There were a lot of people who vowed to not buy another Zelda game after it, and in general they didn't for quite a few years. It doesn't help that this was also the N64 era, which was a much-reviled system by many video game developers, and thus many gamers who wanted a variety of gaming options had to abandon Nintendo anyway. And, in any case, sales figures do back it up; OoT did very well, but the games that followed did poorly even when they were on systems much more favorably received.
And, yes, NoA did bungle it. I talked on another thread about NoA's attempt to say that the Links from OoT, ALttP, and LoZ were all the same person. NoJ generally handled it better, but as you can imagine at least some of the backlash OoT suffered was because people were refusing to accept the "official" timeline as being real. I know of a few fan timelines that simply ruled OoT as non-canonical due to this. Given that this was prior to the easy access to Japanese sources we currently enjoy, it wasn't as easy to correct the mistake back then.
Whether or not OoT did well critically doesn't really matter; the sales records of the series reflect as well that OoT was the turning point into a downward spiral for the series, seeing game after game do worse over time until Twilight Princess came along.
Also, whether or not OoT succeeded the Zeldas before it doesn't really matter as much; any game with the amount of hype and expectation that OoT was facing prior to release would have done better than its predecessors at the time. Keep in mind the internet was still in its infancy at the period, so there wasn't the modern forewarning that could sink a game in place. By the time the complaints would have spread, most of the sales would already have been made.
If you factor in that backlash, Nintendo's lack of a spiritual successor to OoT makes a lot of sense; they were trying to save the series from what had been received poorly, often through focusing on more traditional gameplay. Also likely why Wind Waker is so different; it was attempting to do 3D Zelda right on a new system with hopes that trying to avoid some of their prior mistakes would fix the problem. And, well, the sales show it didn't... probably because the mistakes were not the game itself.
Notably Twilight Princess, the game that ended the descent of the Zelda series, also shared a lot of similarities to another game that was highly popular and, among many players at the time, still well-received: A Link to the Past. TP may be a gameplay spiritual successor to OoT, but in story it is a spiritual successor to ALttP.
This should also explain why ALttP got a sequel (ALBT) after so many years of lying dormant and heavily influenced several games afterward. Skyward Sword borrowed the sword upgrade mechanic from ALttP to be the story behind how the Master Sword was forged to begin with, Tri Force Heroes is somewhat based on ALttP, and BotW both borrows the upgrade mechanic and the world map.
Basically, Nintendo's strategy from Twilight Princess and on seems to be relying heavily on ALttP nostalgia to redeem the OoT gameplay mechanics. Despite the fact that, if what I said about it being purely NoA's fault, it's most likely not necessary.