Memory bandwidth needs for ordinary tasks are IMO quite overrated. I mean, Ryzen has been tested with single channel ram time and again. Obviously it costs performance, but nowhere near enough , to make a 16 core CPU unworkable on AM4, especially if it supports, say, up to 4000 MHz of DDR4.
1 Single-Channel stick @ 3200 Mhz is almost as fast in gaming as Dual-Channel running @ 2133 Mhz. That's true even in games that can utilize all the cores (like BF1). Obviously far from ideal, but nowhere near a disaster:
Single- vs Dual-Channel
(video
here, with other results as well)
CPU: R7-1700 @ 3.75 Ghz
RAM: 2133 Mhz - 14-14-14-34 & 3200 Mhz - 16-17-17-35
Most software rarely utilizes more than 8 cores, so the per-core bandwidth for those workflows would be pretty much the same as now. For those that do, IMO as Threadripper WX models have already shown us, that the bandwidth of AM4 could be enough for monolithic 16-core processors (especially with a bit faster memory).
Now, if we're talking about a
two-die 16-core AM4 product, then yes, obviously 1 channel per-die won't cut it
with the current architecture (MCM) It would have similar limitations as Threadripper 1, which for the mainstream platform are unacceptable.
The only way a 2-die system would work, is if it's designed like the rumored Epyc 2. With an interposer and a third chiplet for uncore and memory balancing between the two core-chiplets (which both have 8 cores). That could keep the cross-chip latency in check and assign all the channels to one chip, if needed.
Now I doubt that AMD goes that route. 7nm is already expensive. The production costs for such a chip would be high. This would probably be sold closer to 1000$ than 500$, which might be OK for a halo product, but considering this has very limited market interest outside mainstream-desktop (no server or mobile processors would want such a processor), I don't think AMD will go down that route.