I can't see them getting all their titles stripped away (much as that would be hilarious).
1. It would bring an entire decade of PL into disrepute. See all those matches you went cheering for? You were playing in a rigged game mate! One team cheats and fair competition goes out the window. Brand PL would suffer a major blow. As far as I'm aware, not many other teams want them stripped of titles, either.
2. Acknowledgment of a decade's worth of cheating by the higher ups of the PL would only highlight their sheer incompetence. Ever seen a managing executive willing to acknowledge their own incompetence? No? Me neither.
3. The literal money involved for so many teams, and the maelstrom of quantifiable losses. 1 team per year for a decade losing out on Champions League place/money, is that about £250m in total? Heck, even 18th place can claim, for a decade, there was one team above them who cheated and therefore they shouldn't have been relegated.
What I'd like to see if they ARE found guilty (and what will surely not happen), would be an actual punishment of the ownership rather than club and fans. Bar them from ownership in the PL. Enforce conditions by which they have to sell the club (similar to what happened to abramovich at Chelsea). Let City keep all the money and titles, maybe a big massive fine or something, but with some safeguarding to ensure the club isn't sent into a spiral. I'm sure a bunch of players will leave but I'd imagine at the end of it all the club will still be in a decent enough standing compared to where they were before the cheats took over.
Who knows, they may even become a club again, one that doesn't make the entirety of the non-city footballing world roll their eyes and struggle to care.