What most people seemed to expect: a separate high-end workstation-class MacBook ProPro/ReallyPro with Xeon CPU, 64GB RAM, XDR display, visibly increased size and thickness, and so on. Targeting the professional audience, insane/exclusive starting price.
What could happen according to the latest news: an incremental improvement to the 15" MBP that corrects its main shortcomings (keyboard), and throws in some nice additional stuff (higher-res screen, speakers, hopefully Navi GPU). Same target audience as the current model.
We'll know for sure very soon, but no one who is aware of Apple's laptop design philosophy should really be surprised if the latter turns out to be the case.
Eventually, I'm going to switch. I'm eager to leave the butterfly keyboard era behind. But not immediately, as I've been burned too badly from being an early adopter of the last redesign. I have the high-end 2018 15", so from a hardware standpoint I can afford to wait another year to see how this first 16" is received, and whether it does actually iron out all the big and small issues that plagued the last generation.