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MTE being widely adopted could also lead to stronger memory tagging features. 16-bit random tags aren't going to wipe out exploitation but at the very least it'll force software to be compatible with memory safety implementations including a tag-based approach with larger tags.
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I think the biggest impact will be that suddenly all software has something like ASan in production, forcing all these latent bugs that occur during regular use to be fixed. A lot of bugs will remain, but not ones that block deploying inter-object memory safety implementations.
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So, there will definitely be obvious bypasses aside from only having 16-bit tags. I don't think it has to be a massive barrier to exploitation to be a huge success either way. ~93% chance to catch memory corruption bugs in production forces fixing any that occur regularly.
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It gives everyone a better version of ASan in production, whether they wanted it or not, and they'll end up fixing their software's compatibility with future memory safety implementations that either have more entropy or that are deterministic. Wipes out the compatibility issues.