As I see it, if it uses a similar training approach and is expected to be better in every regard, then it's a minor release. Whereas when they have a new approach and where there might be some tradeoffs (e.g. longer runtime), it should be a major change. Or if it is very significantly different, then it should be considered an entirely differently named model.
Or drop the pretext of version numbers entirely since they're meaningless here and go back to classics like Gemini Experience, Gemini: Millennium Edition or Gemini New Technology