Because of what Sega eventually became, everybody likes to pretend that the SNES handily won the 16bit “console war” - but check out this ad that Nintendo took out in the May 1994 issue of Gamepro. It reads like a political smear campaign!
Sega and Nintendo were neck and neck at this point. In the span of three short years, Sega went from being a nobody to having 51% of the market and Nintendo was feelin’ the hurt.
Unfortunately, by this time in 1995, Sega was already well on their way to the committing the 32X/Sega Saturn debacle. Nintendo, for their part, were trying to prep “Project Reality” - aka the Ultra 64 - until problems with their IBM partnership forced them to sit things out a little while longer than the competition.
Ultimately, while Sega was starting to back away from the Genesis, Nintendo doubled down on the SNES for one more year, causing it to surge ahead right at the very tail end of the generation.