DPReview categorically states that the M6II is officially the replacement:
DPReview TV: Canon EOS M6 Mark II Review
Mind you that DPReview made the video at the Canon event here in Atlanta.
Which is a pretty dirty pool to have them make an announcement that Canon should have made themselves.
We both are in agreement it's wait and see with Canon and whatever works for the individual user.
As for the vexing DR:
A stop is half/twice the brightness depending which way one goes. So basically it's dimmer by almost half. ISO performance usually is inverse to dynamic range and detail (usually in the bright areas). So now more noise creeps in in order to make up that brightness ground in post or change in ISO. There's no dual or multigain, unlike the a6500. So the upshot is Canon has effectively traded off some marginal degree of DR increase for more noise if one wants to match the brightness. The enthusiasts and semi-pros are left with a 32mp with one native lens that actually can match the tweaked sensor that traded more noise for higher DR.
So what then for the consumers? And that's the problem for Canon. Too little, too late.
I think the biggest issues are 1) a communications issue, 2) marketing indecisiveness, and 3) a high probability they have a serious technical issue with their sensor design and have effectively hit some major barriers, like the 4/3rds sensor.