While it all remains to be seen, there appears to be three big things on BioWare's slate: an overhaul of Anthem, Dragon Age 4, and a return to the Mass Effect franchise. It was iced after Andromeda's release, and there's a lot that can be said about the latest entry in the franchise. It wasn't what fans wanted, even after a majority of the issues were fixed, and so this is likely being factored in as BioWare makes its earliest decisions regarding Mass Effect 5.
General criticism aside, there was one major missed opportunity in Mass Effect: Andromeda. Despite being another galaxy, one deemed capable of having a golden world (though that was before the Scourge), it does very little to introduce anything new to the game, at least in the way of races. Mass Effect 5 may take place in Andromeda again, it may find some strange way to forget it and return to the Milky Way (abandoning it), or it even make take place in a brand new galaxy. Either way, there needs to be more life, species, races, and new cultures for players to learn about in the next franchise entry.
Mass Effect Races, Andromeda Arks
Since its inception, Mass Effect fans have been introduced to a plethora of races. These include the Citadel races (Asari, Drell, Elcor, Hanar, Humans, Keepers, Salarians, Turians, and Volus), Non-Citadel races (Batarians, Collectors, Geth, Korgrans, Leviathans, Quarians, Raloi, Reapers, Vorcha, Yahg), effectively or entirely extinct races (Arthenn, Densoin, Inusannon, Orvaroes, Protheans, Rachni, Thoi'han, Zeioph, Zha'till), and a score or more non-sapient, space creatures including everything from Husks to Space Cows.
Bringing many of these races over on arks into Mass Effect Andromeda served a couple of major purposes: not only does it make sense story-wise, but it also makes Andromeda feel like it's part of the original games. Nothing but brand new races would be detrimental, as there would be cries that "this is not Mass Effect" regardless of whether it was done well or not. However, Andromeda went in the entire opposite direction, including just 4 "intelligent" races and 9 new forms of wild life. For a brand new galaxy, that feels lackluster.
Mass Effect Andromeda Races, Mass Effect 5
Throughout the course of Mass Effect Andromeda, players meet the Angara like Jaal and more or less ally with them. Players learn they were created by the Jardaan and seeded on several planets, though the purpose of their creation is unknown. The Jardaan are also responsible for the Remnant, and while the Angara are met, the Jardaan and Remnant are mostly big question marks for the game.
On the other hand, the main antagonists of the game are the Kett who are exalting the Angara and other races, essentially reproducing and turning other races into Kett. They are very militaristic, having invaded Andromeda under a false guise, and turned the Angara on each other. Mass Effect Andromeda players essentially get wrapped up into the Angara-Kett War, which sadly boils the races of the game down into clear-cut allies and enemies. They have no greater function than being a dichotomous opposition in the Mass Effect timeline, which is a huge missed opportunity.
Mass Effect 5 has a lot of pressure on it, given that it is following Anthem and Andromeda (even if the overhaul and Dragon Age 4 launch before). However, one step in the right direction is a better balance of retaining the old, familiar faces and races that fans have come to know but introducing a new breath of life in terms of civilizations, cultures, allies, enemies, romances would go a long way. Mass Effect clearly can't let go of its past for the aforementioned reasons, but just more life may create an even better future.
At the core of the Andromeda Initiative, aside from the Benefactor's desire to get denizens away from the Reapers, is exploration. Andromeda had some mysteries but felt empty, and so regardless of where Mass Effect 5 goes, exploration should again be the focus. Instead of broad mysteries and an empty feeling galaxy, Mass Effect 5 should correct the course and provide fans that initial awe that Mass Effect first captured when players first met Drells, Turians, Geth, and all the races that have worked their way into fans' hearts.
Mass Effect 5 is reportedly in development.