Just like Michael Jordan, and other top athletes, I don't have a problem with arrogance if they can back it up, and they did. In 1996 and 1997, they were outselling, and outperforming all of their competition. Up until 1999, the N64 stood out for having the best graphics, 4 player input built in, expansion capability, top franchises, and innovated gaming with being the first with controller vibration support. Playstation later overtook the market because of its wider library of games because of ease of development, cheaper prices, and RPG fanatics.
Nintendo 64's launch was a success, Super Mario 64 was innovative, and I don't see evidence anywhere to demonstrate it as a failure.