I'm hopeful for an ep. I have a couple theories I think I've seen touched on here.

It could just be an EP similar to the fame monster. A follow up that expands on Joanne or themes that are more personal but has a few more hits on it.

Or it could be the label pushing a bit. Joanne was certainly not the album anyone was expecting.. For better or for worse. I'd imagine her label is wanting some stuff to stick on mainstream radio. It's been 2 album cycles now of low to medium levels of excitement. Joanne seems to have been received better than artpop but I feel like a lot of the positive press came from people hoping this would be a comeback and it didn't really do much.
It feels like she squandered a lot of the positive attention she was receiving. She slowly built herself up for a comeback by doing high profile gigs and a tv show and c2c and then she scrapped what she'd been working on and threw together a pretty sonically different album, when she needed a big smash hit. Not that I don't want her to take chances but she chooses weird times to do and change things.
Anyway, so I wouldn't be surprised if her label or maybe even herself decided she needed to push music out that reminds people why they started listening to her in the first place.

I think the song is okay..it seems like it's more of a b-side track than a single. I hope if there is more music coming this is not the best foot forward. But I enjoy the direction it's going. It's a mainstream sound that still is musically hers, so I have my fingers crossed. But the last couple albums have been more miss than hit.