Eh, bit cliché. Maybe same story but with changes here and there to allow opportunities for more stories. Such as what if the Umbra Witches and Lumen Sages didn't die out? The Clan Wars may still happen and Bayonetta still slept in the coffin, but when she awoke, she found the clans have changed throughout the years. Such as the Lumen Sages becoming the Ithavoll Group.
That could work, but both PlatinumGames and Hideki Kamiya are already busy on other projects so don't expect anything soon.
Actually Stellar Blade director, Kim Hyung-tae, said he would love to work on Bayonetta if given the chance to the point he's saying “If PlatinumGames would make a desk for me, I’d come every day” but "Teenage Mutant Ninja Turtles: The Last Ronin" is PlatinumGames' priority right now.
