Sounds like the hardware is up to it, although this has arguably been the case for several years. But… For me there are (at least) five problems:
1. iOS apps are sandboxed in a way that makes sharing of data and files between apps difficult. Real-time inter-app audio does work, however.
2. iOS does not, as far as I know, support non-AU plugins. In particular, no VSTs (which many people rely on for cross-platform compatibility).
3. Max does not run on iOS, so no M4L.
4. The business model within the iOS app world is based on selling a very cheap app to many, many users. To keep app development going financially you either need to continually add unnecessary features to attract new users or, egad, switch to a subscription model.
5. Last and certainly not least, I would not want Ableton to take people and resources away from work on the desktop versions. As it is there are always plenty of bugs to be hunted down and fixed, especially now in the wake of a major update. Besides, I would prefer that any major effort were directed toward new features for Live 10, not toward yet another product.
Anyway, that’s my quick and not all that well thought out thoughts. But then again, hmm… imagining Live on watchOS…
MacBook Pro, macOS Mojave 10.14.6, 2.7GHz i7, 16GB – Live Suite 10.1, Max 8.0.8, Push 2, ATH-M50x