The PS Vita has been pulled from all markets but Japan.
Already, retailers have pulled PSV floor space and in 2017, about the only places Vita hardware and games will be seen at retail is in clearance bins and in Japan.
One doesn't exit a market with no future plans for a replacement only to re-enter the market at a later date after the brand and market has laid fallow.
As much as I liked the Vita as a portable console, the idea of portable consoles as standalone platforms is essentially dead. Even Nintendo is exiting the dedicated handheld market with the hybrid Switch. From a business standpoint, it makes far more sense for them to consolidate the Wii U and 3DS markets into a single product line with minimal compromise.
And no, I don't see a market for a $699 Playstation 4 Pro Phone that wouldn't be capable of running PS4 coded games; they would still have to be Nintendo Switch style ports.
Sony is out of that business and the Vita has been reduced to a legacy platform, barring the Japanese market. There is no reason for SCE to ever do another portable platform launch other than as a low cost retro gaming item like a portable SNES, Genesis, etc. So who knows; maybe we'll see a tiny portable Playstation One or Playstation 2 with a bunch of games pre-installed, but that's hardly what Playstation portable fans want.
It's certainly not some pie in the sky high spec concept piece of hardware like the OP proposes.
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