So? That was still comparable with (probably better than) the CPU in the $1099 i5 Mac Mini, not the cheapest one.
I just don't see it as a fair comparison to use an iMac 5K with an i5, 8GB of RAM and 256GB of storage as a direct analog for a Mac Studio with an M1 Max, 32GB of RAM and 512GB of storage. Especially considering an M1 Max will annihilate the i9 in the iMac 5K, much less the i5. So I start the comparison of a $1999 Mac Studio to that base iMac by first adding the $600 i9 upgrade. Then I add the $200 for the 256GB to 512GB SSD upgrade and $400 for the 8GB to 32GB RAM upgrade.
So now I am starting the comparison at $1999 for the Mac Studio and $3000 for the iMac 5K. Of course, I must add $250 for the keyboard and mouse to the Mac Studio's cost, as well as $1600 for the Apple Studio Display. So all-in, it's $3850 vs. $3000. A fair bit of extra money, to be sure, but not the $2000 difference using the completely unrealistic $1800 iMac 5K as the comparison.
And then one should consider the added the value of the vastly better web cam, the better speakers, the four extra TB4 ports and the 3 extra USB-C ports. And yes, you can get Thunderbolt docks for less than $800, but those docks share the bandwidth of one TB port so even if you bought two (and at that point, you are a fair bit closer to $800), it is still not as many full-speed TB ports as the Mac Studio offers.
You can't isolate it precisely, but it always seemed like the display accounted for less than $1000 of the price of the 5k iMac.
I expect Apple's BOM is in the $500 range considering what usable ones scavenged from dead iMacs cost. So it's probably around one-third of the price, plus another third taken up with the case, the webcam, the speakers, the internal circuit board, manufacturing costs, shipping and warehousing, and R&D recovery. That leaves the final third for margin, which is in-line with what Apple's hardware margins are believed to be.
If they'd come out with new display tech which was going to be good for the next 10 years, that was great - but the most important component, the display panel, is 5+ year old tech that is due to be replaced by MiniLED Real Soon Now.
And this is a very fair point.
It's also a point I admit to finding it hard to wrap my head around with Apple's Mac strategy of the past year.
Why hold back MiniLED from the Apple Studio Display? Even if it raised the price to $1700 or $1800, people would still be carping, but at least they would be carping about a display that should be relevant for a decade or more.
I don't see Apple worried about it knee-capping sales of the Pro Display XDR because that product has likely already run it's course with the "I don't need it, but I gotta have it anyway" crowd, so it is not like there are tens of thousands of Mac owners saving their pennies for an XDR who will now abandon that plan to get an ASD with all the goodies.
And I don't understand why Apple would save this display for an iMac Pro (even if I was saying just that 24 hours ago). Mac Studio and the Apple Studio Display are a more...elegant...way to address this market and sticking with an AIO. And yet, the usual suspects are still saying it is coming next year...