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I could see two SKUs for the reason that

1.) People who are digital only or even a big chunk of their library is digital need a lot more storage space, especially if Switch 2 is going to be a kind of PS4-to-PS5 in-between-ey kind of deal as it sounds like. The Call of Duty games are over 120GB just for one game, now probably they will make an effort to compress some of that, but those games will still eat up a ton of space. And the crowd that is buying digital these days is getting bigger and bigger, I think physical media (sadly) is going to be a minority audience going forward. Even for physical cart buyers, odds are a lot of 3rd party games will opt to only put a minimal amount of data on the cart (or in some cases none at all) and require you to download the rest too, so there's no getting around the need for lots of storage space. 

2.) It makes Nintendo more money. They can charge $50 more for a 256GB model (over say a 128GB for the standard model), but the truth is Nintendo as a massive bulk manufacturing order is going to be getting that extra 128GB in storage space for a lot cheaper than $50. They probably pay $10 or less to double the storage space but get to charge $50 more for it. You got to like that math if you're Nintendo. 

$399.99 - 64GB or 128GB
$449.99 - 256GB

Wouldn't shock me exactly.