Categories with terminal objects can be written as an essentially algebraic theory or a generalized algebraic theory: There is one sort $M$ with unary operations $\DeclareMathOperator\dom{dom}\dom$, $\DeclareMathOperator\cod{cod}\cod$ and $!$, a binary operation $\circ$ and a nullary operation $1$. There is an automatically derived notion of homomorphisms between these algebras, which when worked out produces functors strictly preserving the terminal object. However, we know that the most natural notion to investigate is functors $F$ such that $F(1) \dashrightarrow 1$ is an isomorphism.
Is there a way to systematically derive a notion of "weak" homomorphisms of EAT/GAT algebras, such that when applied to categories or even bicategories, produces the "correct" notion of functors? I would imagine it to be easier using generalized algebraic theories, since objects now appear in the sorts. Is there anything in the literature discussing this?