All I can say is that, if Geno is indeed leakbait, then I just can't help but find that... cruel. Nintendo is fully aware that he's a highly desired character that people have deep fondness for, Sakurai is fully aware, and by proxy, we can only assume Square might be aware, as well. That'd be a terrible move of them to make, and I would be horribly bitter if they were just using him as bait. That would just earn them insane amounts of backlash in general. Why use a character like that as leakbait when he has such a massive following? That's like saying Banjo and Kazooie are in, but they're leakbait, and instead, we're getting a Minecraft Creeper. Sure, it has its supporters, but using that dynamic duo with a huge fanbase as leakbait would be a vicious move, absolutely awful.
If we get another Square rep that isn't Geno and he is being used as, in fact, leakbait, then... hoo boy. I won't revolt immaturely and I highly encourage that no one else does, but I wouldn't be surprised if that was the result either. The retaliation would be insane.
ETA: As for whether or not I think Square would do something that cruel, well... yes. Nintendo and Sakurai likely wouldn't, but Square is just a company I plain have distrust in for a massive variety of reasons that I dare not go into. I wouldn't put it past them to do something like that. They really don't care about the fans more often than not.