Oh you'd be surprised how many people will go through each iteration, just because they can.
I bought an M1 MBA on launch day with some discount, sold it for a very good price when it was just over two years old, so it still had some Applecare left on it and replaced it with an M2 MBA. I won't be getting an M3 though.
I get it, I update my iPhone every single year but we are outliers and they won't, or likely can't, update the products enough to satisfy those needs entirely... you just have to accept the updates are incremental. The M1 MBA to M2 MBA at least came with the design change.