AMD stated that, at this time, there will be no version of the current Matisse chiplet layout where one of those chiplets will be graphics. We were told that there will be Zen 2 processors with integrated graphics, presumably coming out much later after the desktop processors, but built in a different design. Ultimately APUs are both mobile first as well as lower cost parts (usually), so different design decisions will have to be made in order to support that market.
They wouldn't dare compete with Intel's APUs, they would gain too much market share from business customers. Some decisions from AMD when it comes to their products make no sense to customers, they have the tech but don't use it, squandered opportunities. They will rather make such products for competition haha.
Ultimately a 4th player in the CPU and GPU oligopoly would be great for everyone. Unlikely to happen on desktop for regular people though. On servers... already happening.