Assuming the KKF fight is indeed not a thing... I'm fine with it. People are oftentimes too lax with the "Champion X has cleaned out his division, so he deserves to fight Y"... but in Pantoja's case it's actually true lol.
I mean who else is a compelling fight for him at 125 on the horizon? He has multiple wins over Royval & Moreno, who are #1 and #2. A win over Kape, who can't manage his weight to save his life and thus can't be trusted as a title contender. A lot of guys are booked and/or coming off losses.
I would favor Merab, but Pantoja at least on-paper presents a few stylistic threats early and I'd be eager to see how he scales up at 135. Maybe his cardio is better when he isn't cutting as much weight.