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.