Agree. Especially considering:
1. Giving shifting demographics in the US, Disney will want more of a Hispanic culture presence in the parks. I think that’s a given and the strongest argument for a South American country being added in the next few years.
2. I think Chapek wants a successful movie franchise that is associated with him, specifically, so he is probably willing to throw more weight behind an Encanto presence despite his reputation as a penny pincher. I think he wants to show a Big New Disney Franchise was possible with him at the helm so Encanto is kinda his favored child.
3. This point is the most speculative, but their movies seem like a “More content for World Showcase!” push recently. Raya, Luca, Encanto, Going Red… part of that is probably an attempt to be multicultural but I feel like they’re building up a stockpile of IP for that part of Epcot. I’m not up on the geography of the parks like some here are but I believe there is a lot of unused space in Epcot. If they want to increase capacity without a fifth key this might be a way to go.