Not just Motorola is developing a phone with a 200MP camera; according to Digital Chat Station, a 200MP sensor, a Snapdragon 8+ Gen 1 CPU, a 120Hz display, and a 5000mAh battery are all coming together in one device. Some believe that this is a Xiaomi phone, specifically the Redmi K50S Pro, despite the leaker's evasiveness.
Alternately, it may be the Xiaomi 12T Pro (actually, those may be one and the same, just different names in different regions). Samsung's ISOCELL HP1 or ISOCELL HP3 sensor will be used. Both offer a 200MP resolution, however the 1/1.22" and 0.64" and 1/1.4" and 0.56" optical formats and pixel sizes, respectively, differ (before 4-in-1 binning).
Motorola is employing the bigger HP1 and have also shared a camera sample, showcasing what the sensor is capable of with 4-in-1 pixel binning enabled – that's still a 50MP photo! Which sensor will be chosen by Xiaomi is still unknown. Of course, choosing the HP1 makes more sense given the high-end 8+ Gen 1 chipset.
More questions remain, like as whether Leica will function on a phone. To find out more, we'll have to wait for an official announcement.