As far as I see it, a Bandai Namco representative does have a high chance since Lloyd's Mii outfit was an obvious choice for Pyra/Mythra. Unless there is another JRPG swordfighter coming up, I doubt that BN will be left out. I am not sure how all of the licensing works, however. Capcom could have bought the slot for Mii costumes in this wave, leaving Lloyd's outfit to be skipped.
I believe Lloyd's Mii costume will return, too. Like, they were maybe able to keep the rights to the costumes very easily and the design process for developing new Mii costumes could be expensive. If they do away with the Lloyd Mii costume, they could be losing money on that endeavor. I do not know the ins and outs of the industry and this game particular, but I kinda feel like the Lloyd Mii costume is coming back just like all of the other costumes already have. Not to say there is not a chance for Lloyd getting in as a playable character, though.
There is no guarantee for a BN representative either, despite what I want to believe. There are a lot of characters from the Bandai, Namco and Bandai Namco collective that I would eagerly love to play as in the game. It's great to play as Pac-man(though I wish there was a Ms. Pacman alt), and I feel like they are the most iconic Namco representative. Anything from Bandai is sorely missing, though. As much sense as it would make to see another BN representative in the game, I am rather pessimistic about it happening.
As far as KOS-MOS goes, I still think she is a great fit for Ultimate despite Mythra/Pyra making it in for Monolith Soft/Xeno-series' sake. I just do not believe she would get in with Fighter Pass 2. If she is to arrive, Ultimate would require more DLC. If Sakurai and the team do not announce a Fighter Pass 3 as FP2 ends, I still believe they could turn around and do more DLC characters later, after the pandemic issues pass. I feel like that would be the only reason why they would hold off FP3. There are not many more characters who could make it in before KOS-MOS at this point. Pretty sure Mii costumes are a big disconfirmation considering they cost extra money in the first place.
KOS-MOS has nothing in this game whatsoever. I do not see anything as a Xenosaga representation at all. I think they are doing it on purpose in case they want to add KOS-MOS later. The Weltall colors are a Xenogears reference if anything, and I doubt Square Enix would care to do anything with Xenogears in Smash Bros. at this point. The gold and platinum outfits do not match the Zohar in my opinion. Seems like they just went with awesome colors and people are reaching. Some people even think that the blue outfit represents KOS-MOS, but the color scheme does not match(especially the overuse of red). They do not have blue/periwinkle colored hair, which could be that they do not want KOS-MOS and Mythra to be confusing together in the future if they share the same hair color. So, I think they developed Pyra/Mythra in Ultimate to stay removed from KOS-MOS totally and deliberately.
If this is the ultimate Smash Bros. game, this roster could likely never be done again. They need to continue with this game and not make another Smash Bros. game for while. So many other fighting games are doing long-run DLC. Look at Tekken, Dragon Ball FighterZ, Samurai Showdown, Soul Calibur, etc. They are all still doing DLC years after the games' releases. Three of the ones I mentioned are Bandai Namco games! If they make a new Smash Bros. game, it may go back to a starting 24 character roster anyway, and may not even be called Super Smash Bros. if Sakurai is no longer a part of it's development. So, I see Fighter Pass 3 in the future, even if it is not immediately after FP2.
TLDR; Bandai Namco rep may be likely. Fighter Pass 3 still likely. KOS-MOS is likely in FP3 since Pyra/Mythra did not come with anything remotely KOS-MOS related in my opinion.
Let me know what you all think so we can have a discussion! ^_^