Still depends on for who, for me it can fully replace my MacBook because a Macbook is more or less useless for me when it comes to work.
This is like Monty Python's Argument Clinic, and we all work overtime and for free. ?
I am with you though, for us and many other people iPad doesn't need to become fully featured Macbook because it already has everything we would need.
All I need from it is to run web apps, mail, Office, Zoom, Teams, Chrome, read PDF, ePub, take notes, watch Netflix, YouTube, Twitch - not that much. I use Files and iCloud for syncing documents with my PC. This is already my current workflow with iPhone and PC.
Even if I wouldn't want work on it and take notes in meetings and school, it would stay a great entertainment device that will last ages.
My old 15" Macbook: Fat. Heavy. Loud. Hot. Slow. Not good for anything aside of being pretty to look at. My old iPads: still perfectly usable by my
family for reading and occasional browsing.
So for me it's only a question of form factor and value. There I'm still slightly on the edge, leaning to 12.9 iPad Pro as the value speaks for it. It will have better screen, speakers, cameras, pen support. I think the screen will be a deal breaker for me, we'll see about that soon.