Kang Deezy
Overall Nice Guy
Naw The Boys has at least two more seasons.
You can see them setting up what will happen.
Homelander will probably lose everything at the end of this season (right now he's on top and the strongest he's been in the show) and get depowered.
In Season 4 we'll see Homelander for a season without powers and him being powerless which will drive him insane. He'll get over his need to be loved and decide there's no problem being feared. He'll then get his powers back with him no longer holding back and he takes over America for the final season 5.
This is basically what I see happening too
Homelander having to deal with losing his powers is too interesting a story line not to do
They may even redeem him somehow if a new big bad appears