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If that is the case, expect to see it here in the antipodes first. In NZ we had a almost cold and flu free season last winter, just six confirmed cases in a country of 5 million [1], and are heading into winter now with looser border restrictions (relatively looser, Australians can now enter without being put into a managed isolation facility for two weeks).

[1] https://www.rnz.co.nz/national/programmes/sunday/audio/20187...

With Australia being effectively Covid free we've already started to see much stronger cases of the flu.

Local doctors in my City (Canberra) told multiple people I've talked with that the extra protective steps taken last year meant our bodies weren't as well positioned to handle the standard flu when we caught it.

What factors would cause skipping a season to result in more flu the following season?

Decreasing levels of antibodies for example, which makes re-infections more likely for endemic diseases like colds/flus.