if it was going it would make sense to go when the low end macbooks get their October refresh with M2 and coincide possibly with a new form factor To match the purported 14“ and 16” variants.
It does seems lot like engineering resources were not expended with the first generation M1 products, so when the second wave came about, starting with the iMac 24, you could easily see where the engineering bucks were spent.
The value proposition for the M1 MacBook Pro does seem a bit thin if you’re not interested in a Touch Bar - a pro display XDR mini LED panel might be a better proposition along with additional ports.
it would seem to me that a better screen would be a meaningful trade off against the Touch Bar to stay within the price point they need to hit.
In this case two variants of the 14”, one with M1 and 2 thunderbolt ports, another with M1X and additional ports might then make sense and both to come with a pro display XDR in favour of Touch Bar.
Of course Apple could do variations to include the better CPU, better screen and more ports.