Unfortunately, it's hard to know where Rare will go after the cancellation of Everwild. Part of the Everwild workforce will likely be relocated to Sea of Thieves (not counting the people laid off), lending further support for the live service title.
But if we are hopeful, this cancellation might offer an opportunity for Rare to revive some of its iconic franchises, such as Banjo-Kazooie or Killer Instinct. Interestingly enough, rumors from a few years ago indicated that new games for both of those franchises were in development. Now, we can only wait to see if either of these new entries will ever materialize.