Doubt that at this point Smith would spend the time and $$ developing a micro compact to go head to head with the 365.
As to capacity, Sig now offers a 15 round factory magazine for the P365.
As much as I like my manual safety 365 would like to see an after market safety lever that was bigger than the stock one, have big hands so would like more to swipe on the draw.
And think Sig should provide the Hogue Handall with the 365 as standard issue, it would cost them little, and makes a significant difference in grip control,