I think we (or whatever portion of the crowd are speculating) enjoy having something to blame our woes and jeers on.
We know fuck-all about the situation.
Series S is the easiest culprit, but every actual Series S crisis affecting a game's release has made sense in that they had memory-intensive features which don't scale like graphic effects. BG3 cannot split the screen in a large landscape without a ton of RAM per viewpoint, and Series S just doesn't have it to spare. It's designed to compromise in places where developers usually have options, but in occasional circumstances, the needs of some specific aspect cannot cut down for compromise.
Nothing known about Wu Kong fits that scenario.
So maybe? Maybe not? We know nothing now, and it's unlikely that we will see evidence in the final game through some major cut or reworking in the Xbox version as to what caused the delay. But Series S will continue to get the blame for every technical problem unique to Xbox, and because if the market share, there likely never will be a PS technical problem which isn't prioritized in release planning even if they happen. So, this will be how this gen's story gets told, true or otherwise.