Probably heading in that direction IMO. The end of the first film saw them opening up a bit. They've been actively participating with other nations in their strategic defense pre-/post-blip. Seems logical to abolish some of the arcane structures that could only exist when the country was still hidden away from the eyes of the outside world. T'Challa being a major critic of the isolationism means they can't go back on that, so they should advance their political structure to match their advanced technology. It's just too jarring a disparity at this point.
Well, hopefully Martin Freemans character will teach the Wakandans about fair elections instead of brutal pit fighting, the need for a governing body based on merit instead of bloodline, and instill in them a sense of democracy and openness in order to drag Wakanda from the depths of barbar.......oh shit
I suspect it will be handled much like it was in New Asgard. Change will just happen, magically, without much comment or debate. Asgard apparently abandoned THOUSANDS OF YEARS of rule by Odin (and his ancestors?) in the span of a year or 2 and went with an appointed leader (did Valkyrie win an election yet or is still in charge because Thor appointed her?) with a very unclear route of succession despite her use of the King title. Will her kids inherit the title? Will some 4th cousin on Odins mothers side, Tyr perhaps, show up to challenge the claim? Will she just hand it off to Axl at some point (seems the most likely to me) with everyone just chill about it because Asgardian god powers seem to be inconsistently applied to people?
Granted, Asgard is reeling from what is basically a civilization ending event, maybe Wakanda is as well if they do get flooded out and lose monopoly of the vibranium horde. If the MCU starts having multiple diasporas of hyper-advanced peoples across the Earth I'm curious where the more mundane folks will fit in and what reaction the "normies" will have to suddenly being behind the power curve. I suspect there will be a LOT more SWORD helicarriers in the future