I am going to make a last prediction. Oratger repeat a previous prediction.
There will not be a covenant 2.0 that gives player power, nor Azerite 2.0 or whatever. The expansion will instead sell itself on a firm distinction between raiding (or instanced content) and not raiding, i.e. open world content.
If there are things that seem similar to covenants then it will be a cosmetic choice only.