Bringing back a dedicated HDMI port is a downgrade. This port can only do 4K 60Hz HDR (implying HDMI 2.0), which is inferior to previously-supported standards in addition to taking up space as a single-purpose port.
The Intel MacBook Pro 16 supports DisplayPort 1.4 over USB-C, which can do 4K 98Hz HDR, and doesn't take up dedicated single-purpose ports.