Interesting to hear this thesis after reading how 29+ is dying
over at bikepacking dot com. So 27.5 disc rims shouldn't be going anywhere given that downhill bikes and plus tire bikes are firmly entrenched in that rim diameter. It's no secret that rim-brake 650b rims that are tubeless ready are not common anymore and in many parts of the world, they are tough (& expensive) to find (pandemic shortages aside). So that's a turn-off just like hard-to-find chainrings as they are wear items. Personally, I feel that 47-48mm tires shouldn't be on <23mm (internal width) rims nor run with tubes if they are taking proper advantage of the what a tire larger than a 42 can offer. Along the same lines, my experience with a 435mm chainstay bike tells me that the added stability for descents on lumpy roads is needed to make the whole bike make sense. So if you need more tire than a 42 because of rough terrain, don't stuff a 420mm chainstay in there because you'll reach a speed limit for reasonable handling due to rear-centre etc.
So if you can get a 650bx48 bike with matching chainstays & rims, it's going to be a disc bike. If it is disc, my 2c is that it should be thru axle (and 1 1/8 steerer tube or larger). This is so you can readily find hubs (be it the customer or person spec'ing the production bike such as the GR).
Why 650x48 low trail disc vs 700x48 high trail disc bike? You like full fenders and hate toe overlap; value acceleration, and do enough bikepacking that handling front loads w/o tired upper body is a priority; or you're under 5'5". The person who wants to prioritize timed gravel events and is medium height or taller is seemingly going 700c the vast majority of the time.
Where does this leave the 650b French all road bike with its 1" threaded steerer, centre pull brakes et al? It will stay as a custom-only option and require planning/hoarding of rims, ReneHerse/BQ team to continue to prosper (w/o them, this would be very different convo) and likely is best confined to 42b tires. Jan does this on his PBP bikes, and I think it makes sense like that as a complete all road bike concept.