It feels like the iPad is headed for irrelevance.
iPhones are now large enough to provide 95% of the value the iPad provides - which is primarily just serving up content.
For productivity, the iPhone + MacBook combo beats an iPhone + iPad combo.
The only differentiator with the iPad is drawing.
Long term, I think Apple’s only play here is to either wind down the iPad in favor of the Vision Pro, which provides a similar value proposition (consuming content & light productivity), or combining the iPad and MacBook in to a touch screen MacBook running MacOS + iOS.