I’ve been an API-based CMS fan for a while but at the end of the day it’s a huge bet on the viability of the vendor, because good luck migrating away from an API-based CMS.
No way all of the myriad vendors in the headless-CMS world survive this downturn.
I think that needs to inform any CMS decision.
Ultimately I suspect there will be vertical integration at play with the companies raising money to be the Wordpress of the 21st century. Wordpress is a CMS after all.