It seems almost certain Apple will be betting heavy on AR and maybe VR in the near future. Is the M series that we have now up for task GPU-wise? More AR than VR?
Apple is pretty likely going to take a "work smarter , not harder" approach. Their VR/AR isn't going to be about building the biggest, hot, fire-breathing dragon GPU. With foveated rendering you don't rendered the whole frame at equal fidelity. There is only a narrow range where the eye can see the most detail. Out of that cone of gaze rending precise details that no one will ever see is a waste of time and effort.
VR would be much, much better (practical) with foveated direction of the work has a researched and known issue for over a decade (or two). Somewhere along the way there has been a trend of "gaming == VR and VR == gaming engine" that has been somewhat of a legacy boat anchor distraction.
The iPhones/iPads have been doing augmented reality (AR) for a couple of generations now. There is little need for a tethered via a wire to a personal computer to do that part of the functionality.
There are tetherless VR units by competitors already. Reportedly part of Apple's delay is that they (or at least some influential few inside the company . In part , the "we hate wires" faction. ) didn't want to ride the early evolutionary curve until could do it wirelessly.
What likely will see is tweaked "GPU" that is more power efficient in this niche than in driving a generic LCD panel with 2-3 people looking at the screen results.
Does it remain to be seen once Apple comes out with their software and frameworks and vision and whatnot? I assume eGPUs are off the table, right?
Again the AR frameworks have been out for years. FaceID has been looking at people's faces and eyeballs for years ( not in exactly the same level of detail, but looking. )
Differentiated area rendering got released 2-3 years ago ( can't recall at the moment which WWDC but it wasn't last year. )
There are missing pieces , but Apple has been incrementally building a foundation for several years.