This seems to be what GoPro is aiming is latest reports now indicate that the Hero 5 will have a price of $550 when it comes out by next year, contrary to rumors that it shall be priced $450. The GoPro Hero 4 is currently being retailed for around $500.
All GoPro action cameras are waterproof and most of them, particularly the current models, can shoot and record underwater but most of them like the GoPro Hero 4 need to take on a different housing to have a better depth rating underwater.
Each of the GoPro Hero 4 cameras come with the standard housing that is capable of withstanding depths of up to 131 feet or 40 meters. The underwater depth rating increases to 197 feet or 60 meters if the so-called dive housing is used.
The GoPro Hero 5 will apparently come ready to shoot and record underwater up to 60 meters depth which only means that it will be using a dive housing instead of the standard housing that other GoPro action cameras come out with out of the box.
It is possible that GoPro Hero 5 will have an option for an even better underwater shooting and recording capability to distinguish it among all the other GoPro action cameras and make it a cut about the rest.
There are so many other good action cameras on the market. They are as good as GpPros but less expensive. One if the most interesting among them is Drift Stealth (and Ghost too). Small, sleek and aerodynamic camera with high quality videos. I think it may be an important competitor for gp.