All good points!The Metal benchmark in Geekbench scores compute performance, not graphics performance. But even in the same test, M1 gets about 21000 (7-core Air gets about 19000) and the Radeon Pro 5600M gets about 42000 on average. So the 5600M is actually faster than you may think.
Apple of course isn't just aiming to "match" the performance of the 5600M. Apple has never ever introduced any machine that matches the GPU performance of a previous generation device. So they "need" at least 3-4x the GPU performance to be able to claim something like 1.5 - 2x performance improvement over the last generation. That's why I'm guessing Apple will need more than 16 GPU cores here. It's also to note that it's not as easy as just throwing more cores at the problem. At some point, memory speed becomes a bottleneck as well, and Apple will need to use memory that's faster than LPDDR4X. So of course performance per watt will take a nose dive.
Also, depending on your use case, an M1X chip with a much more powerful GPU may not really last all that long. For instance, if I'm gaming, my M1 MacBook Pro 13" barely lasts about 6 hours with Hitman/Tomb Raider. It does of course reach 15+ hours if I'm just browsing the internet. With a GPU that's 3-4x faster and more CPU cores, I wouldn't be surprised if the 16" MacBook with M1X can blow through the battery in 3 - 4 hours (implying a max power consumption of 30 - 35W here, which is... "generous" considering the M1 is about 15W in the worst case).
I agree that a new MBP16 will need to improve upon the current top-end 5600M - I'm not sure whether a 2x performance increase will be achievable, but let's see.
I would hope that a new MBP14 would be able to get close to the current 5600M - which would be a significant improvement over the current M1 Macs.
I do wonder how Apple plans to scale out GPU performance on Apple Silicon. As you say, you can't keep adding cores without other changes such as memory bandwidth. We may see the GPU be separated onto a separate die (on the same SoC package) to improve yields and offer more flexible CPU/GPU combinations.
All of these increases will increase power consumption - whether Apple can maintain the performance/Watt remains to be seen, but battery life is likely to take a hit compared to the M1 Macs. There's no such thing as a free lunch.