A patent from Nintendo suggests that they're working on a magnetic joystick system, aka hall effect joysticks, which would solve stick drift.
A patent filed by Nintendo suggests that they’re working on Hall Effect style joysticks for the Switch 2 that would eliminate stick drift almost entirely.
Joycon drift, and all other thumbstick drift, is already a solved problem.
Use bushings that actually have some abrasive resistance and aren't softer than a fingernail.
Use a non-contact based sensor to determine the XY position of the stick. Hall effect, optical, strain gauge, whatever, we've had the tech for 50 years.
The reason why they haven't done this is one very simple reason: $$$
The sensors on the N64 are basically the same kind you'd find in a mouse wheel. They work fine.
The crap part is the physical construction. There's a lot of parts that wear down with use and cause the joystick to become loose due to the plastics wearing away.
Yup. If they'd just made the bowl out of something OTHER than ABS, they would have been good. Delrin, PTFE, even a thin layer of brass or broze, and those controllers wouldn't have had anywhere near the amount of issues they're known for having.
There are third-party manufacturers who sell replacement bowls and sticks, made from everything from POM to steel.