From the known specification, it could be said that Ranger chipset was designed to compete with the Sharp X68000 and Apple Macintosh II personal computers (both released in 1987) which take advantage of VRAM technology.
Jay Miner made sure that the Ranger chipset was completed and fully tested before he left Commodore in hope that one day the company would release it.
But at that time, VRAM was considered expensive compared to DRAM, so Commodore refused to release Ranger for its high price which was unsuitable for the low-end systems like Amiga 500 to cover its costs.
It may have been 68010 with or without simple MMU, or with 68020, or with virtually any other magical thing you can imagine, including way better Amiga chips (already designed and working, only Commodore refused to release them), etc.
Basically, "Ranger" became a kind of catch all for anything anyone ever believed would have been done better had Los Gatos not lost out over Commodore Germany's Amiga 2000 configuration (which, itself, was nothing more than an A1000 with Zorro backplane attached and the slot form-factor changed to permit this bridge card idea; Germany also being where Commodore PCs came from, at the time).