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I'm kind of getting a vibe that Primal Reversion will be something reserved for Legends, though most likely it will be selectively applied to legends that are particularly ancient and/or involved in some form of creation mythology (i.e. Regis, Creation Trio, Crown Beasts, Legendary Birds, Lugia/Ho-Oh, maybe Darkrai/Cresselia, etc.) while ones like the Musketeers and Lake Trio will not have primal reversions. Basically those legends that have some strong connection to the energy of the natural world and could feasibly tap into that energy to unleash their mythological power that people speak of in said myths.
I've got this odd thought that perhaps they plan to introduce multiple different kinds of mega evolution over time so that they can give a wide range of pokemon megas without it feeling too stale or like they're just adding more of the same kind of thing. Primal Reversion will probably be triggered in some specific way, different from normal mega evolution. Maybe we'll get some other form of mega evolution in Z that triggers in another way and is only accessible to a certain cross-section of pokemon? I wouldn't mind this, and it would certainly be easier to swallow than "This pokemon didn't have a mega but suddenly it does!" Maybe there will be some sort of scientific enhancement evolution that can apply to odd/inorganic pokemon (Muk, Klinklang, Rotom, Steelix, Gigalith, Koffing, etc), or some kind of friendship-based temp evolution for pokemon with a strong emphasis on happiness (Blissey, Audino, Wigglytuff, Clefable, Togekiss, etc.) If they're carried out in different ways but still adhere to the "one mega per battle" rule then it opens to door to potentially have several different types of megas on your team, perhaps some with required items or some without and introduces the issue of having to decide which mon is going to be most beneficial to mega this particular match.
Either way, my hope is before it's all said and done, all pokemon will have megas.