My Mom had a 2008 20" iMac. When it got long in the tooth, we replaced it with an M1 in 2021 or 2022. She was disappointed she wasn't able to get a 20" screen again and had to get one with a huge 24" screen!

Not everyone wants a massive display. Not everyone wants cables everywhere. Not everyone cares about their keyswitches. Not everyone upgrades often enough for a few hundred more bucks to really make a difference.