I agree with you especially on your supposition that they themselves do not know what is next.
To recap, H&M wanted to be the American branch of the royal family (half-in, half-out) per their Megxit statement. They wanted UK funding for their "royal" activities while pocketing cash from private deals. So they developed branding to position themselves in this world alongside Former USA Presidents (Obamas/Clintons), Tech Bros, A-List Celebs and their respective charitable endeavors (tax deductible in the US!).
Then reality bit. No HIHO. No UK dough. So, a pivot to reality TV to get enough money to cover the growing pile of bills.
After multiple failed/cancelled/sub-par projects and the "f*ing grifters" comment from Spotify destroyed all prospects of future lucrative media deals, we saw another pivot to a lifestyle brand. Twerking was sheer desperation to break through the crowded US media landscape as H&M are non-existent in a way few Brits can imagine. Think of your local celebs that perform at the pub on Fridays/Saturdays. That is the visibility that H&M have as minnows in the vast ocean of US celebrityhood.