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Brazil and Argentina are still the two most favorite teams, Argentina is the defending champion. It makes sense to place them as the favorite team, because the squad depth they have is said to be better than the other contestants. Apart from that, I think Uruguay is also worth considering, because they now have a golden generation in their squad. America will act as hosts, it might be a little advantageous for them to go further. We hope that Brazil will face Argentina in the final, that would be ideal. Apart from that, it is possible that there will be a surprise, the favorite team could be eliminated early. It's a shame that Neymar couldn't continue his adventure in this edition of the Copa Amreka due to a prolonged injury, even though he made a big contribution in the previous qualifying stages.
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.
I think that many always go in favor of Argentina and Brazil because of the quality of players they always have. I personally think that some teams have a lot to surprise, the truth is Colombia is a team that promises, and watch out for Venezuela, those kids are motivated and want to make history, the Copa America serves to measure themselves very well with the toughest in South America, like Uruguay, Paraguay, I think that South American football is one of the strongest in the world, some say that it is European, but come on, in a South American qualifier even the countries that can finish in 2nd or 3rd place by one less, like Ecuador, Peru, I think that all South American teams have to be careful.
There is no doubt that teams like Uruguay and Colombia are very strong in the Copa America. However, Argentina and Brazil will be considered the most favorites for the Copa America. The players of these teams play with all the renowned clubs of the world, and are very experienced.
Brazil's three opponents in the Copa America, Costa Rica, Paraguay and Colombia are all three very strong teams. It is going to be very difficult for Brazil to win all their matches in the group stage and stay at the top of the table. Moreover, Brazil's performance is still somewhat erratic. The coach is yet to stabilize the team. However, there are plenty of talented players in Brazil's squad.