The One Action is now almost certainly Motorola's next Android One device. A phone of this name has reportedly been found on the Google databases that pertain to this program. Its entries appear to confirm a 21:9 aspect ratio and a punch-hole in its display.
https://www.notebookcheck.net/The-Motorola-One-Action-is-now-an-Android-Enterprise-Recommended-device.427899.0.html