I take it by "spec bump" you mean some trivial increase in RAM or SSD?
Because a "spec bump" to a decent up-to-date CPU and GPU, swapping the TB2 ports for TB3 and updating the HDMI is exactly what it needs and all it needs. Otherwise, its already a nice, small box (smaller PCs are available but they mostly need external power supplies that are as big as the computer) with a row of ports on the back - exactly what a Mac Mini should be. OK, so the box dimensions are a legacy of the days when the MINI had an optical drive - but if there's spare space inside use that to make room for better cooling so it can take more powerful CPU/GPUs...
The last thing it needs is "re-imagining" by the form-over-function/nickel-and-dime geniuses that bought us the butterfly keyboard and "pro" laptops with no USB-A.