A MacPad and a MacPhone. Given its eventually going to be completely the same silicon this would enable them to offer a non App Store experience for people who want to experiment with alternative app stores like Epic.
In that way they could keep the average Apple target iPhone/iPad customer within the walled garden of iOS while being able to point specifically to EU regulators that they are allowing alternative app stores on the MacPhone/MacPad platform.
1.) If MacPhone/MacPad is popular then it would prove that there does exist a currently untapped, unaddressed market who wants Apple HW and are willing to pay a premium but do not want the locked down iOS garden which means more money for minimal effort.
2.) If MacPhone/MacPad is unpopular then it would prove that their motivation and hypothesis was correct - people do indeed come to Apple and pay the premium precisely for the walled garden and the convenience it affords.
If its indeed unpopular you could keep it around for a couple of years as an EU regulatory compliance device. Then you can say to any future regulator who wants to tear down the iOS walled garden - we tried that back in 2026 and nobody wanted it.