Because they want the iPhone 14 Pro to look different from the iPhone 13 Pro to entice more people to upgrade. I don’t believe there will be a punch hole either because there’s no way Apple could shrink the FaceID components that small, it’s impossible. What they could do is shrink it a little more and integrate it into the top bezel, giving us a “clean” display with no intruding notch. I can definitely see that happening and people would know at first glance it’s not a iPhone 12 Pro or 13 Pro.Very unlikely. The punch hole rumor never made sense, since the iPhone would then just look like any other Android phone and Apple prefers brand recognition. Not to mention, why would they bother shrinking the notch if they planned to fully remove it a year later?
The shrink of the notch is so minor that I believe the only reason they did that was to accommodate another component like the enlarged camera system or maybe something else. It’s foolish to think Apple is now committed to the “new” notch for years to come or even next year’s iPhone 14 Pro. It’s possible the iPhone 14 might retain that notch, but I think it would make sense for Apple to change the 14 Pro to further differentiate it from the 14.