After the Journalist session Tom had mentioned all three franchises. That was taken as confirmation something was shown off by Imagineering we were not yet privy to, which affirmed Coco was indeed the highlighted IP for the carousel +/- inspiration for portions of the town.
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I'm not betting some sort of identity on its presence or lack thereof. Just questioning its validity. I want to see evidence and the weird lack of true evidence is making me question it. For the theory that I've outlined already.
It was part of the land originally and has been slowly carved back out as Encanto and Coco became 'decoupled' as a singular land vision in the original project format. Though the final decoupling was to occur once the company firmed up on its commitment to Coco in Magic Kingdom, which it seems to have done so.