The two questions that led me to that conclusion were:
1) How much of this content am I interested in playing more than once?
For me, that list is limited to Link (although Nintendo failed to fully take advantage of his character), the Blue Falcon, Mute City, Excitebike Arena, and Hyrule Circuit, which isn't a whole lot of content. Everything else in this bundle felt like expendable filler to me.
2) What else can $8 get me on Nintendo's eShop?
There's a long list of classic NES, SNES, Game Boy, and Game Boy Advance games that will provide more fun and lasting value than this DLC, which is why I don't recommend paying full price for it. $4 is the most that I would have paid for this first pack, given the many superior products that are sitting right next to it on the same virtual shelf.