I think it's possible. Not that a direct comparison is possible, but 2x 32mm f/1.4 is 64mm f/2.8. Given Canon's penchant for being slightly conservative with M lenses (e.g. M11-22 vs EF-S 10-18/22), we might see a 19-50/2.8 or some such.
is short end the real limitation? should not 15-19mm at f/2.8 all be possible with a 58 filter thread, 61.6mm diameter and 18mm FFD? what about long end - 45mm vs 50 or 55 or 60? "mathematically" no issue, but in real life? without 4+ stops large corner vignetting?
15-45/2.8 might more easily fit external EF-M size parameters than a 19-50/2.8 ?
and then there is "usefulness". If the only choice were like this, i'd take a EF-M 15-75/85 f/4.0 any day over either a 15-45/2.8 or 19-50/2.8.
there is some choice already at wide-angle to "normal FOV" FLs in EF-M lineup. but beyond 32mm there is only f/3.5-5.6 and from 55mm onwards f/5.6-6.3 with EF-M 55-200, and 18-150. there are also no "small" EF/EF-S lenses to fill the gap via adapter beyond 50/1.8 STM and 60/2.8 Macro.
That's why i would favor "long end" in a "somewhat faster", fixed aperture f/4 EF-M zoom if f/2.8 is not feasible within size/price limits.
Not sure, how majority of potential buyers and Canon view it. Likely both will go for an 18-200/3.5-6.9 "super-zoom" - but it would "cannibalize" 18-150 sales.

