After a long wait we got news that Shin Megami Tensei V is still a thing and will be released next year 2021. I am personally looking forward to this along with Shin Megami Tensei III: Nocturne HD Remaster.
(I would have posted this three months ago but the forums were down and forgot to post it before it went down.)
I think SMT V will be a deconstruction of the storyline of SMT III as it is awfully suspicious that the main protagonist meets a demon that is shaded out upon first meeting in the trailer (This could be potentially be the Demi-Fiend from SMT III). It would make sense as SMT III is getting an HD upgrade and Shin Megami Tensei as a series tends to deconstruct itself frequently to show the nasty consequences of players decisions.