I agree with you that the EF-M mount will impose long term limitations on lens design. I have no idea what Canon will do but if I was looking for a mirrorless system and was not married to existing lenses then Canon going for the EF-M mount would be a mark against them in my decision making.
Personally I think too much is made of existing lens systems. It limits the manufacturers and it gets in the way of making a good decision by the photographer. I realize money is a thing, well it is for me, but step away from letting current lenses get in the way of the decision making and you will make a better decision. Buy the camera best suited for your purposes, and that varies more than forums would have you think, and one or two most frequently used lenses. Keep using existing camera and lenses until you have slowly over time migrated to the new system.
If I was in the market for a new camera right now I would wait and see what Canon and Nikon come up with, compare it to what Sony has right now then decide. If I was invested in a DSLR that was less than 150 000 shutter actuations and I had lenses to back it up I would not buy a thing. I would sit tight.
Mirrorless turned out a bit different to how I expected. I have a range of Minolta lenses I use on the A6500 and A7R2. 28mm f2.8, 50mm f1.4, 135mm f2.8 and 500mm mirror lens. All effectively stabilized due to the IBIS and give me different effective focal lengths on the two formats. I also have a range of tiny sigma and Sony primes I use on the APSC and sometimes on the FF, 4 of those. I have a third set of lenses, just three, Sony primes for FF. Also use them on the APSC for various reasons. Then I have a set of zooms for FF from 16 to 200mm, three lenses. Oh and one APSC wide angle zoom, 10 to 18mm. Seems odd but I swap lenses between formats and use different sets of lenses for quite specific purposes. Didn’t see that coming. I would hope Nikon and Canon would allow that type of flexibility.