If a simple stack height limit is enacted, it will be super hard to enforce. As someone who works in the industry, it's really hard to verify stack heights, and they actually change depending on your shoe size, within a model. If you'd like some examples, compare some listed heights on manufacturing sites to the heights and drops that running warehouse measures - they often differ, vaporfly included.
Additionally, I assume this will just apply to pros or those in contention for prize money - because multiple shoes from hoka would likely fall above the restriction in stack height, despite not providing a distinct mechanical advantage.
Now when it comes to plate - I don't know if you can ban something. Say they come out and say, "No Carbon Fiber." Well, there's been a long history of shoes adding denser, light, stiff materials to shoes over time - it really just took the vaporfly to illustrate how effective they could be with the right cushion and rocker shape.
Hell, the original cloudrunner from On (most similar to the current cloudsurfer) demonstrated a savings in HR at the same pace compared to other shoes, as well as up to a 30% reduction in ground reaction forces. That shoe, released in 2010 or 11sh, utilized a plastic "speedboard" which acted similarly to the carbon fiber plate. If they had Nike's marketing, they could have marketed that as the original "3%" shoe or whatever percentage they saw fit. 2000s Adizero flats often had "torsion" trusses that extending all the way through the forefoot to provide a stiff shoe with cushion atop. Other materials companies have used include TPU and "Nylon" shanks (old new balance 1600 flat had a pretty stiff shank that extended into midfoot, but not all the way through).
For an old school example: Rod Dixon had Saucony design a special race shoe for him that flipped the standard density of eva foam - he opted for the stiffer, gray piece in the forefoot, softer white eva in the back, because he felt they offered him a mechanical advantage over the contemporary, poorly designed, stiff foam in back, soft in forefoot flats out there. He won NY marathon in that shoe.
Nike will figure ways around the stack height issue, and come out with shoes that get close to the current vaporflys, and hopefully other companies will follow suit.
I don't think you can ban a material, it would have been akin to UCI banning carbon fiber bikes when they started proliferating. Regardless - current aluminum racing frames are lighter and faster than the initial carbon frames of the late 90s, so I expect the running industry will continue to develop around these barriers