Apple's history with accessibility is, on the whole, pretty good. I strongly suspect that the "coming soon" part of this means "after we integrate Google Gemini models into the system," so I don't think you should use the current state of Siri as a yardstick. (I actually have decent luck with the current Siri, but I don't push it very much and have sort of adapted myself to its limitations; on the flip side, I have a lot of skepticism around LLMs, but they're really a quantum leap in natural language processing capability over what came before, and the use cases they're showing here seem to be right in the LLM wheelhouse -- with the asterisk of "you're still always going to have to check its work.")
Coming soon very likely means iOS 27.
This has been the typical pattern for Apple for the last few years. The flashy features are announced at WWDC, accessibility has a dedicated, earlier press release. Before this practice, accessibility announcements would usually be tucked in some WWDC slide that most people wouldn't even notice.