When I read the rumor, my first thoughts were "Why would they reveal it 2 years in advance?" I was still sleepy and I didn't realize we are in 2019. 1 year in advance seems ok for the kind of position Xbox is in, especially if it will be taking a while until PS5's reveal as they would have gaming sites' full attention talking about their new consoles, games and services instead of having them spread out with PS5 news around. It's probably better for them to reveal it before the other side does reveal their own.
I don't really have a... horse(?) right now but from my point of view, this + the seemingly upcoming news about Xcloud make lots of sense. I don't think they will reveal the console physically though, or perhaps they will showcase the dev kit case for the console/s instead.
All of this should become more clear by GDC, right?