Toyota actually consulted the same design group that did the bronco. Everything on the Bronco was likely suggested to Toyota for the FJ Cruiser and the answer from Toyota corporate was "no" "no" "no" and we ended up with the FJ Cruiser. Very sad that this is what the FJ could have been.
I don't think the 4Runner really competes directly with the wrangler or bronco. It does for a few of us. But IMO there's no reason that a Bronco clone couldn't be side by side in the Toyota lineup with the 4Runner. They're enough different that they'd both have a big audience. I hope at a minimum Toyota is finally forced to make major upgrades to the engine/transmission. That's by far my biggest issue. I just did 1200 miles with my travel trailer last week through Utah/Idaho/Wyoming/Montana. I got home ready to trade for something with more/better power.
And the worst thing is that Toyota has everything in the parts bin to make absolutely fantastic vehicles for us. Much of which is nearly a plug and play swap in. And they just won't do it. The small v8? The turbo 4? The turbo 6? the decades old 8 and 10 speeds? Nope. None of that gets put into the 4Runner - or the Tacoma. The tacoma is the most disappointing. My parents have a 2019 TRD OR Taco. It gets terrible mpg. 16 -17 on the highway. Is gutless wonder with the transmission tuning. It's fine for what they do with it, and so far very reliable and such. But the powertrain is not good at all. I don't why they took a great setup from the Lexus IS/RX (I've had both) and made it so bad for the Tacoma. If you didn't know better you'd think they were just planning to run out the end of the model and discontinue it give how little effort was put into making it efficient or powerful.
I agree with what you're saying. The 4Runner is a great vehicle as it sits, and I see ten times more examples on this forum of people going from Jeep to 4Runner than in the other direction.
Right now, I think Toyota has a small problem with model recognition with the 4R, as huge as Toyota is. Here's what I mean: say "Ford Bronco", and virtually everyone knows what you're talking about. Even if they're thinking about a 1970s/80s vehicle, the name recognition is instant - they know it's a big-ish SUV kinda thing. That's due to many things, including OJ, but partly because maybe a billion were sold over the decades. Marketing today could be as simple as, "See the new Bronco at your local Ford dealer today!" They almost don't need to add anything to that. Meanwhile, I still find myself having to explain to the occasional person what exactly my 4Runner is if they're not looking at it.
So what happens is, when the Bronco finally becomes available, everyone will have an idea what it is before they see it. They'll want to mosey down to the Ford dealership, specifically to check out a new Bronco. If a companion to the 4Runner is launched, even if it's more capable and as bad-ass as everyone wants, it now needs to be named and marketed. Nobody is going to mosey to the Toyota dealership to check out the, uh, Toyota Percheron? (big, strong horse). Not an insurmountable problem, but an expensive one from a marketing standpoint.
We all on this forum need absolutely no marketing from Toyota to tell us what's going on with new models, etc. We're pretty savvy. But the general public, to whom Toyota must sell in order to succeed, needs a lot of it to understand. Toyota will probably need to eventually show the NEW 4Runner besting the Bronco in a number of ways, just to make people aware that the 4Runner is a direct competitor. Like most 4R owners, most new Bronco owners won't care one whit about the technical marvels residing under the floorboard, or that it's B-O-F, or how many speeds the tranny has, or electronic locking this and that, etc., etc. Only a small percentage, like this forum, will care about the tech. But call it a Bronco, and oh, brother, bring me one - I don't care what it has!
My point is that Ford will probably recoup their investments in the new Bronco more quickly because the name will sell itself. Toyota launching a companion to the 4Runner will have a much more difficult time getting the awareness out there.