At this point there’s no logical hardware changes they could do unless they also made the OS more desktop-like by adding windowed app support and things like that. The 2018 iPad (standard) could edit 2 4k streams in real time. Thats enough power to do literally anything our apps can do, and that’s the cheapest iPad.As far as I can tell, my 2018 iPad Pro works about exactly as well as the day I bought it. And they have added functionality (trackpad support). Maybe I don't push my iPads enough, but its hard for me to see exactly how they can improve upon the iPad besides a screen and spec bump.
If they do some major software update I think it would get people to buy but then it would eat into their Mac sales and I’m sure they don’t want that. For the prices though... I woudln’t be surprised if they did offer MacOS-like features but sequestered it only to the Pro line as those are the same prices as the M1 Macbook air.
Honestly that’ll probably happen and they’ll restrict the 2020 Airs even though they could still run it.