It's no surprise that Apple is working on new hardware, although rumors indicate that it will be refreshing older iOS devices in its lineup, like the iPad Mini and the iPod touch. Developer Steve Troughton-Smith spotted references to four new iPads and an iPod touch in the iOS 12.2 beta, showing that the iPads will not have Face ID, and the iPod touch with have neither Face ID nor Touch ID.
The four total models include two Wi-Fi only devices and cellular variants of each. It seems likely that these are a refreshed model of the $329 9.7-inch iPad, and the long-rumored iPad Mini 5.
The iPad Mini 4 was announced in September 2015, alongside the iPhone 6s and iPad Pro. It includes an A8 processor, the same that's used in the iPhone 6. Indeed, it is a very dated device at this point, and many expected the lineup of mini iPads to be discontinued in favor of larger phones and pro-oriented iPads.
The iPod touch is even older, as it was refreshed in July 2015. It contains the same A8 processor.
Interestingly, neither of those two devices are even discounted on Apple's website; the iPad Mini 4 costs $399, which is $70 more than a 9.7-inch iPad that has considerably more power. The iPod touch starts at $199, and that gets you 32GB of storage.
Apple's new iPads and iPod touch will likely be unveiled this spring.