There probably will be an update to the Mini later this year. Probably not a huge update if the rumors are correct.
I used to have an iPad Mini that I used for reading and light consumption (along with a MacBook). Over time, I went back to an e-ink device for reading, as it's much easier on my eyes (very noticeable after a day of staring at screens at the office). Now I have a Kindle and an iPad Pro.
My wife used to have a Mini as well, for the same reason. Now she either uses her MBA for consumption or a Kindle for reading.
Basically, we found the Mini's biggest strength (small size) was good for reading, but e-ink is better. And for movies/surfing/etc, we both prefer an 11 or 13" screen.
And with phones getting ever larger, the gap between iPhone Pro MegaXL+ and iPad mini isn't much.
The latter is looking more and more enticing.
That is such a tiny difference in size