I think that is a great theory, @PanelPunx. And it certainly could be what happens. However, Marvel has all sorts of options to give Monica her powers. She doesnt necessarily have to be Captain Marvel type powerful.
Pepper may not want to see her child become a hero, but can she tell her adult child what to do? If Morgan is anything like her Dad, then I feel she will be the type to beg for forgiveness later, rather than ask for permission now.
With the Quantum realm and time travel being a thing in the MCU now, the writers can practically write any timeline they want to.
Regardless of how it goes down, I think we both agree that Monica will play a large® role in the MCU moving forward. Cheers.