What might have happened if Von Spee had brought the East Asia Squadron home?
Short answerIf Von Spee returned with the squadron substantially intact, especially after winning at Coronel, he would probably receive a public triumph, rapid promotion to full admiral, and serious consideration for later command of the High Seas Fleet.
NotesThis is explicitly a counterfactual, and the result depends on how much of the force reached Germany or another friendly port. A commander who survived the global pursuit and won Coronel would possess something German naval politics badly lacked: a visible record of success. Such a record would probably have brought honors and promotion even if officers senior to Von Spee remained ahead of him on the formal list. If the war then went poorly, that reputation could make him a politically attractive choice for the High Seas Fleet, though the appointment was never certain.