I'm on the fence of how Apple might proceed going forward, but we (obviously) know without any doubt that the M chips are able to run MacOS. I'm pretty sure the current iPad Pros and iPhones could at a push but that is another story. If Apple introduce an iPad with an M chip, it would be rather perverse if it didn't ditch iPadOS and just go full on MacOS.Sure; but the question righty now is whether Apple wants to sgeregate the iPad into what would essentially be two seperate model lines by using M1 and AX series chipsets if Apple includes capabilities in an M iPad that are not in the rest. My guess is right now the are focussed on making Macs with the M1 and optimizing it for OS X; and somewhere down the road will introduce M series iPads.
At that point, I don't think they'd want to call it an iPad anymore which brings me onto my wild guess (that's all it is so nobody come at with with pitchforks) that Apple might go down the route of a Surface Pro like Mac product. It seems at this point to be inevitable that something with the Mac lineup is going to change, and introducing an 'iPad like' Mac with a more flexible Magic Keyboard would be an instant win/buy for me.
They have everything they need to do it. They have even handily prepared all of the Mac apps with round corners.