At the moment all of the big nations seem to have their own problems, so I don't see a clear favorite. Regardless, it's very probable that either France, Spain, Brazil or Argentina win the title.
France played a disappointing Euro 2020 in 2021 where their only win came against Germany and even that was only due to an own goal by Hummels; since then they've won the UEFA Nations League despite not looking good against Belgium in the semifinal and they are currently ranked last in their group with two games left to go in the most recent edition of the Nations League. However, they've tried a lot of new players during the four June games, so this lackluster performance isn't truly representative of their current strength or lack thereof.
Spain played a strong Euro 2020 and they've looked like they are finally past the period where they desperately tried to replicate the system from their 2008 to 2012 title streak. They aren't as good as during the heydays of Iniesta and Xavi, but the arrow is pointing upwards for them.
I haven't watched any recent games of Brazil and Argentina, but what I do know is that Argentina dominated Italy in the battle between the South American and European champions. I recognize Argentina as the best squad of South America at the moment.
A few comments on other European nations that are in the extended circle of teams that could win the World Cup: It was very shocking that Italy failed to qualify shortly after they had won Euro 2020 in a deserving manner and with watchable football. The other Euro 2020 finalist, England, doesn't strike me as having what it takes to win a title; the tournament tree had benefited them greatly at both WC 2018 and Euro 2020, so they could advance further than they would have under more normal circumstances. Germany is still searching for their next reliable top striker, so there is an important piece missing to make a run for their next title; aside from that, their quality of play is widely inconsistent from one game to the next, hence why I rank Spain higher than them.
Belgium, Croatia, Portugal and the Netherlands are smaller European nations that can get far if things come together for them, although Portugal is on a downward trend at the tail end of the Ronaldo era (similar things can be said about Croatia and the Modric era) while the Netherlands are still in the phase of creating a new coherent team. That leaves only Belgium as a team that can taken seriously, but it has now been almost a decade of high praise in advance and more often than not falling short of expectations; this is probably the last time they have the chance to make it far before most players of their golden generation are too old.
Austria (my country) is once again not at the World Cup and deservedly so. After an embarrasing qualifying group performance with a fourth place finish behind Scotland and Israel, they wasted their special Nations League WC playoff ticket in Wales where Bale was just too much for them.
And lastly, I should make a pick for the next WC champion. I'll go with Argentina.