The M3 outbenchmarks several i7 chips, so it’s not really comparable to the i5. Besides that, even if we assume your premise and assume that the M3 and i5 are in the same tier, the rest of the hardware on the MacBook Pro didn’t get any cheaper, so it would be expected to not see that dramatic of a price drop. And the way I view it, Apple’s i5 chip is the A-series of chips. The M-Series are more like i7s in my opinion.The point I was making was that they're names that designate whether the device is:
Mid tier
High end
Extreme high end
You wouldn't expect a lower class of chip in a £1,700 computer that is also found in tablets that cost about 1/3 as much and require no active cooling.