They returned to the design elements introduced for the iPhone 4 in the iPhone 12. That general form would be pretty interesting for an ultra portable laptop.
From a marketing standpoint it doesn't make sense to update the design (this is typical Apple from what I've observed) - People will buy into the novelty of the new CPUs. For the refresh, you will probably see some design changes.
How would you improve on the Air? It's such a beautiful, sleek little thing. I've currently got a 13" Pro and it just feels so damn clunky next to the succession of Airs it replaced.