Will the Ronin S get a firmware update allowing it to track objects?

No. How should that be even possible?

It would either need an internal and external GPS of very high resolution to track the object via the GPS coords. Or it needs to access the camera live stream and perform the entire video recognition logic - there is no CPU for that.
Don't get me wrong, would love that. And with the GPS it is not even difficult. The Ronin-S itself supports a GPS receiver. All they would need to add is a gps sender with internal IMU and the wireless connection (because the bluetooth module used is a low range 10m module).

But given that DJI does rather throw new products out and kills the old ones even before they are fully ready - Ronin-S being a perfekt example of that attitude - you can be pretty sure the answer is No. In case of the Ronin it is even worse, no SDK is made available for others to step in. Not even the bluetooth communication is documented.
https://forum.dji.com/thread-156479-1-1.html

Absolutely incorrect.

Osmo mobile can use a phone camera to track an object via the DJI app. It uses the phone for processing, the phone for the image, and the phone data to move the motors on the gimbal. This is accomplished entirely over wifi.

Many cameras have built in wifi and can stream a live view video feed to a cell phone for remote monitoring. I can face track for focus from my Sony a7r3 or A73 over wifi remotely. I see no reason DJI couldn't release a firmware update that utilizes an app to track objects, that is done so via the cell phone recieving the feed. Start remote broadcasting from camera, connect to the feed via DJI app, link to gimbal via cable, bluetooth, or a different wifi band, and use the image data received on the phone to alter the gimbal motors in a similar fashion to osmo mobile.

The new Zhiune Crane 3 achieves object tracking in a similar fashion, though it's done through dedicated hardware in the gimbal itself.

Likely will not see this until ronin s2

Absolutely incorrect.

Osmo mobile can use a phone camera to track an object via the DJI app. It uses the phone for processing, the phone for the image, and the phone data to move the motors on the gimbal. This is accomplished entirely over wifi.

Many cameras have built in wifi and can stream a live view video feed to a cell phone for remote monitoring. I can face track for focus from my Sony a7r3 or A73 over wifi remotely. I see no reason DJI couldn't release a firmware update that utilizes an app to track objects, that is done so via the cell phone recieving the feed. Start remote broadcasting from camera, connect to the feed via DJI app, link to gimbal via cable, bluetooth, or a different wifi band, and use the image data received on the phone to alter the gimbal motors in a similar fashion to osmo mobile.

The new Zhiune Crane 3 achieves object tracking in a similar fashion, though it's done through dedicated hardware in the gimbal itself.

Likely will not see this until ronin s2

There are Tracking Modules like the Taro M1 www taro.ai  which use an infra red signal detection. You wear an infrared wrist band and the tracking module sees it, then it can move the gimbal via bluetooth.  Unfortunately the Taro M1 doesn't support the Ronin S yet.

There are Tracking Modules like the Taro M1 www taro.ai  which use an infra red signal detection. You wear an infrared wrist band and the tracking module sees it, then it can move the gimbal via bluetooth.  Unfortunately the Taro M1 doesn't support the Ronin S yet.

Here a picture of the Taro M1 Tracking Module

If Taro doesn't cooperate with DJI, can you build your own infra red tracking module or inspire another brand to do so?

Lately, I use my phone to take pictures or videos, so I haven't problems with tracking objects.