I suppose the real issue is that the software hasn't kept pace with the advances in hardware. My 2018 iPad Pro still runs like it was new - it's 5 years old! Ok, so I can't run Final Cut... I don't want to run Final Cut - I have a Mac for that. (Logic is really good on the iPad, so if that didn't run there might be an incentive.)
Still, what more do we want the iPad to do? It's great for content consumption, games, surfing, note-taking, I edit my Podcast with it, I use with my spin bike, etc. None of these require any more CPU/GPU horsepower than we have now. It's a real problem and will lead to slower sales. The applies to Apple silicon Mac for many people - an 8GB base spec. M1 Air is more computer than 90% of people need for regular computing tasks.