Not having an iGPU, would kill the vast majority of any business AMD could get in the laptop space, except for Puma-like CPUs. There has to be an iGPU of some sort. 128 GCN SPs is a bit archaic in total capability for a higher end quad core Zen part unless it's so good that it manages to gain multiple wins in the high end/gaming laptop market to be paired with dGPUs, which is to be frank, quite unlikely.
I would just about encourage AMD to avoid "big APUs" to focus on producing dies that are better focused on CPU core area because that is what most consumers really need at the end of the day. AMD can't afford multiple production lines for multiple dies, even though that would be best if they could achieve perfect lithography, yields, and excellent sales.
Depending on the die sizes and practical performance/Watt achievable, it seems that sticking to a native quad core Zen APU with 512/768 GCN SPs makes sense for majority of the mobile and low end desktop market (where it can fight Pentiums, and i3s), since it can cover such a broad range of systems via harvesting and binning.
It would be nice to see a bunch of nicely laid out native dies for every purpose but I see three sets of dies for a prospective Zen family:
4 Core/768 SPs - To fight Pentiums, i3s, and i5s in the laptop and low end and mini desktop space. Could be HBM ready or at least refreshed for it.
8 Core/256 SPs - Fight i7s in the laptop space, i5s and i7s in the desktop space.
16 Core/No SPs - Fight very high end i7s and Xeons in the server space.