The first gen Pencil only still exists because the 9th gen iPad still exists to be the lowest priced iPad. The Pencil 1 doesn’t work with any of the other iPads. Once Apple stops selling that 9th gen model, its pencil will go too.
Apple has a legacy iPad line with Lightning and a current line with USC-C.
That USB-C iPad line has a low end and a high end pencil.
It’s not a confusing when you split it out like that.
But Apple offers USB to Lightning Adapter for only $29.00! They didn’t even go for that extra 99 cents!
Your logic makes sense but it’s still an unfortunate situation. I feel like if they wanted they could have fully replaced the first gen pencil with this. This feels like a Watch Series 3 kind of situation. If you squint just right it kinda sorta makes sense but it’s clearly a dead-end past its prime.
A little different because of some compatibility issues as you say but still not something I’d advise anyone to buy brand new today.