Brazil and Argentina are favorites in almost every edition to win the title, but don't forget that Uruguay also deserves a chance in this edition. Other national teams seem less reliable than the 3 above, but sometimes Chile is also good.
Interestingly, Messi and several other older Argentina players will still take part in this year's edition. They're not done yet and are still the favorites, but I'm not so sure I see Argentina retaining their title. Brazil is definitely ahead of Argentina in my opinion, but I think both deserve to be in the final.
Copa América history shows that Argentina is a most successful team in Copa América with 15 titles and 14 runner-up times. They have same total titles like Uruguay but Uruguay has only 6 runner-up times. Brazil is a third most successful team with 9 titles and 12 runner-up times.
It will make many people surprised that Brazil has considerable less Copa América titles than Argentina and Uruguay. In this Copa América, Argentina will be a best candidate for the trophy after winning World Cup 2022.
It is true that Brazil and Argentina have good squads at the moment, but unlike you, I will side with Uruguay who will win the 16th Copa America trophy this time, because they are a strong team with several star players and of course their mainstay is Darwin Nunez in the front position, indeed the criticism of Nunez at Liverpool was quite harsh, but this player cannot be underestimated if he plays for his country, he is the best and also Valverde, who has very good qualities, will try to make his country the best this season.
Moreover, Uruguay has a great coach, Marcelo Bielsa, who already has a wealth of experience in the world of coaching, so it is very likely that Marcelo Bielsa will bring Uruguay to compete closely with Argentina and also Brazil for the Cpa America title this time.