You do not need cover mechanics to do that - though it helps.
Powers system can be adapted for FPS to compensate for no cover mechanic.
Plus Tactical Pause Mode can throw you into 3rd person so you see the battlefield and target your powers and control your squad-mates.
There are/were FPS with tactical mode.
Maybe they'll go the "bullet time" route - when time slows down and you can do a lot in "split second" - that is use your powers.
But I do not think they will do a FPS. They did the GoW type of shooter - going FPS will be a step back - at least for console gamers.