Highly doubt it, if anything the camera control button will be added to replace the volume buttons with a press for mute and slide up or down to adjust the volume and with a double press it the action button can be replaced. Now add this same button to replace the power button and you can have TouchID plus swipe up or down for Siri/AI or bring up a contextual menu for Apple Wallet. This button is the future and its present limitation is done on purpose by Apple to get people comfortable with the idea of a swiping button to control other elements. It also improves IPX rating and less prone to failure due to moving parts.You heard it from me first.
Truly a gimmick.
I suspect Apple can add side-to-side gestures for other settings to this button. People here have no foresight and limited to just what it is now capable off.