The timing of the announcement is interesting, however, as this is the time of the year major publishers usually hold large showcase events for their first-party or exclusive titles (Microsoft's, for example, is set for June 12). Given that this presentation is relatively short at less than 30 minutes and the announcement puts a focus on third-party titles, it doesn't fit the mold of such a presentation, but it's unclear whether Sony might follow it up shortly with a larger showcase event focused on first-party titles and the PlayStation brand.
As for what we might see, there are a few possibilities. Sony is in the middle of the revamped PS Plus's worldwide rollout, so we may get some news about that. Final Fantasy XVI, a console exclusive for Sony, is reportedly nearly finished development and a big announcement was expected for Spring 2022, so it's likely we'll see that there. The initial announcement of PS VR2 also said there would be twenty titles available at launch, including a Horizon spin-off titled Horizon Call of the Mountain. The price and release date are also currently unknown, so we might see some of that with the focus on PS VR2.
You can watch the event on PlayStation's Twitch channel on June 2 at 3pm Pacific / 6pm Eastern / 12:00am CET.