It always seemed a given that Canon was going to continue the M line, and especially the M50, given that it is the best selling mirrorless camera on Amazon and in Japan. If they can add IBIS and adopt the M6 MkII sensor (seems a given on the sensor), it will sell well. I'm sure Canon is going to have a tough decision deciding on the second dial. On the one hand, it would make settings easier on the fly. On the other hand, it is touted as being simple (it is the mirrorless rebel or kiss after all), so one dial would be consistent with philosophy. Adding IBIS would seem to add quite a bit of cost this early in the adoption of the technology by Canon, so it may get skipped. However, IBIS is a great feature for video, and the M50 camera is extensively used by the vlogging crowd.
The M50 is a great camera today. It is good news that it is going to get better. They need to release an m-mount nifty fifty.
If the M50 Mk2 gets the FPS of the M6 Mk2, it will completely compete with the 7D mk2 for performance.