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Nintendo confirms: Switch 2 Joy-Cons won’t feature Hall Effect sticks | VGC
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They have existed since the Sega Saturn. They don't use them because there's a small trade off between top-dead-center accuracy and not wearing out on hall effect sticks as well as a minor cost difference (and I think power use). Although tunneling magnetoresistance is supposed to use less power and be more accurate overall while having the other hall effect benefits. The only draw back is that hall effect sticks are at the mercy of the springs in the stick since you need those to return the stick back to center, but that's about it.