Google has already discontinued the Pixel 5

Google has quietly stated that the end is near for two other Pixel phones: the Pixel 4A 5G (and the Pixel 5G) despite the recent news about a new Pixel phone. Both devices are listed as sold out on Google's online store. Stock at other retailers is unlikely to last long. A spokesperson for the company stated that:
Based on our forecasts, the U.S. Google Store will sell out of Pixel 4a (5G), and Pixel 5 within the next few weeks after the launch of Pixel 5a (5G). These products will be available through certain partners until stocks run out.

Given that the 5A 5G is a direct successor, it's not surprising that the 4A 5G has been discontinued. It is not unusual for the Pixel 5 to be discontinued before the Pixel 6s arrives this fall.

Perhaps this is because the Pixel 5 has a greater similarity to the budget-friendly A-series phones that it will the Pixel 6 Pro and 6 Pro. Google seems to be going all out for the 6-series phones, positioning them as real flagship rivals to Apple and Samsung. The Pixel 5 has some great features, including wireless charging and IP68 waterproofing that aren't available in the A series, but it isn't up to the same level as the Galaxy S21s and iPhone 12 Pros.

Maybe this is how Google operates now. The Pixel 4 and 4 XL were discontinued less than a year ago. The LTE-only Pixel 4A, which costs $349, is still available. The just black model has sold out, so you'll need to love baby blue.