The dialog around unveiling the Ultra had a “one final member of M1” vibe to it. I think that is the end for M1. The next cpu bumps will be M2s.
Also I wonder about fabrication nodes. The iPhone SE is going to take a lot of dies and keep that fan very busy. M1 is on something else, but it isn’t going to free the A15 fab for other customers.
I expect M2 is on a different process.