Yeah but Link and his outfit are so iconic and ingrained in the character, and unlike Sherlock Holmes his hat is part of Link in every single game he's in. They can make alterations like chain mail, shirt and tights, but they need to keep the hat no matter what and no matter how silly it is. The hat is what makes a Link well Link, not just the Courage but the hat.
Sherlock's hat is much more iconic than Link's. It's very much part of his character, as well. However, that's precisely the reason why they don't need to have the same hats; even without it, people still know who they are.
At this point, the hats are mere formalities.
Cumberbatch Sherlock doesn't even wear his signature hat, although he did on one occasion as a nod to classic Sherlock. To my knowledge, this was the first Holmes series where he didn't don't don that hat (barring the one time).
If they wanted to, this new Link doesn't need one, either. I'd be okay with that. But, there are options.
Something like this should suffice and it would totally work.