Compelling upgrades would be: another small variant (or smaller than 14 pro at least), something foldable (maybe, if done really really well), significantly improved battery life, bike computer functionality (CarPlay for bikes), or significantly improved performance (in a few years, maybe the 12 mini will be noticeably slow in 2024).
The curse of releasing devices with hardware that’s 3-5 years ahead of the competition in delivered performance (not just feature checklists) is that unless you wait 4+ years, new models don’t always feel like upgrades.