I‘m thinking the same thing: a stacked variant of the R5.
I do think, though, that Canon might have just made the new sensor 50 megapixels just to add a bump while developing the tech more, since it is a different sensor. I know it will have incredible video, but it seemed to me like the R5's sensor was designed around having full frame 8K raw, whereas Canon barely mentioned video once in this development announcement. If I'm not mistaken, 50 megapixels on the A1 left that camera with a 1.13x crop other than downsampled 8K. Not being 100% full-frame wouldn't be a show-stopper for the R3, whereas any crop would have defeated the R5's marketing as a full-frame 8K 30 fps raw full-AF camera.
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