Or maybe they will launch Win 12 with optional TPM support.
Imho making the OS(es) TPM only cannot be good for their business, many people are still on Win 10 with no intention to switch, since their motheboard does not support TPM and do not want to upgrade PC / waste PCI-E slot on TPM extension.
Why? What benefit would Microsoft have in changing the requirements for Windows 11 when Windows 12 will more than likely be the OS they focus most of their resources on?
This.