Hot Pursuit was a mysterious “speedster” DC teased fans with for months, and when he was finally revealed, he wasn’t an entirely new character: he was Barry Allen. From another reality.
Hot Pursuit was a superhero from another universe who–with his reality’s Wally West–was able to create a Cosmic Cycle that channeled the power of the Speed Force. Not only did it allow it’s rider to travel at super speed, but Hot Pursuit could also charge his “nightstick,” steal speed, and create holograms.
Whether keeping a semblance of this origin or not, Wally could easily take over this role or a similar one that allows him to channel and manipulate the speed force in a different way. This gives Wally the chance to explore a different identity for the first time in decades, and gives Barry the chance to be the only Flash (besides Kid Flash) around.