My 5c of optimism: OK, imagine totally no Boot Camp support in ARM flavour from Apple. But then imagine user is still able to allow ARM Mac bootloader to load Windows 10 for ARM. Then I'm confident, sooner or later a new 'ARM Camp' will arise. What I mean: people can write the missing drivers... As for me, I would actively join such project, being drivers coder (some of my drv stuff is at http://forbootcamp.org/). Trust me, there are many more geeks who could join efforts and make this happen. If people had created Linux kernel mostly for fun, then definitely there are people who could as well write a set of Windows drivers for ARM architecture, also just for fun. Locked bootloader (if truly locked) is so far my biggest concern. Anyways, we can't wait to get an ARM Mac in order to start these evil experiments 🤓
You almost cannot write GPU drivers for that.
It's much easier to write a virtual GPU driver to bridge DirectX calls into Metal calls for VM -- Parallels already shipping one in their product now. So at the end of the day, VM will run much faster than the hacked Windows on bare metal.
That's won't stop people from trying but will limit the usefulness of a bare metal installation.