Well next week we shall see whose rumors were right. I'd like to float this suggestion. GPS is great for sports and exercise but I don't need it for a work or dress watch. How bout a 42mm model sport that comes with GPS and a 38 mm model without for work or dress. I'd happily buy a 38mm with bigger battery, thinner screen, more powerfull processor, better waterproofing and watch O3S.
I don't see the point of adding a load of new SKUs just to remove a chip that likely doesn't change the shape of the watch at all, or otherwise impact the use of internal space and components. Just turn the thing off if you don't need it. It's not going to increase your cost to have it.