In every Zelda for the last ten years, that's either all you have, or the optimum set to use.
In TP, you get the Hylian shield before the second level, and the Master Sword after the third. You can switch armors, but the only one without a massive drawback is the green tunic.
Skyward Sword, you're stuck with the green tunic the whole game. You spend most of the game without the Master Sword and Hylian shield, but those are what you end up with in the end.
Link Between Worlds, the Master Sword is what you use through most of it, and Hylian shield is the only one that looks good. You can get an armor upgrade, though.
In Hyrule Warriors, the Master Sword eclipses every other weapon in the game, to the point where it's even better against enemies strong to light. And the Hylian shield is paired with it. Smash, Master Sword and Hylian shield is the only selection you have.
Compare that to the games that came before it. The Mirrored shield is the best in Wind Waker, Majora's Mask, Ocarina of Time, Link's Awakening, and Link to the Past. Each time it has a different design. Also in those games, you get a different sword in Majora's Mask and Link's Awakening, with Link to the Past replacing it with a better weapon. And though it's debatable whether it's worse than the Biggoron's sword in Ocarina of Time, I at least feel that it is. And even in Wind Waker, it looks different in every part of the game, and ends up looking different than most of its other appearances in the series.
We've thrown out variety for familiarity. So I'm so refreshed that not only are these items not forced on me in BotW, but I'm encouraged to use other things.
The Master Sword is only ideal to use in specific situations, which make those situations more meaningful. The tunic is hard to get, has no reason to wear it over other armors, and is even dyable so I don't have to wear it green. The Hylian shield is still the best shield for some reason, but I can use shields whose designs I prefer without enough drawbacks for me to care.
This is the first Zelda game in a decade that breaks from a stale design choice. And the first Zelda ever where I get to chose my own designs.