I agree with you. The good news is that some of these downsides can be solved with software/firmware updates. I refuse to believe that Apple put an entire A13 chip with 64 GB of memory just for Center Stage and Spacial Audio. I eagerly await WWDC. Concerning the panel, can you cite where it is 8 bit? I've yet to find a definitive source that nails this issue down, but most sources seem to agree that it is a 10-bit panel with support for 1.07 billion colors. I'm willing to be wrong on this though.
I have two of these displays. I originally had 2 LG 27 Ultragear 4K monitors. While I loved the much faster refresh rate and the support for HDR (though its HDR performance was meager), everything looked blown up and super large when using the displays at native resolution; using scaled modes introduced a bit of fuzziness which was unacceptable to my eyes. I saw the reviews about the camera prior to buying the displays, so I knew what I was getting into. While I do think some of the complaints are a bit of a stretch (the camera is far from unusable), I did expect much better at this price point. I enjoy the center stage feature, but they should've used a better sensor. I do believe they will continue to refine the camera as best they can and that it will get even better however, the display panel is far from a home run. Unfortunately, the only other 5K option is the LG monitor, and while the panels are very similar the build quality is miles apart.
As you say, hopefully Apple will address more of these issues in future updates, e.g. give more practical function to the powerful internal chip and storage space. But it's hard for me to imagine that they'd release a product with major functions temporarily locked and hidden, only to be revealed later. I genuinely hope so. But the lack of internal WiFi would seem to severely limit (cripple) the options of what the monitor could do as a stand alone device, even if they decided to "release the kraken" later.
Re: 8 bit.
"Apple also confirmed this is not a true 10-bit panel. There were several mentions of "over 1 billion colors" during the presentation, but it's an 8-bit panel with temporal dithering (AKA Frame Rate Control) just like the LCD panels in the 14- and 16-inch MacBook Pros. The only true 10-bit panel is Apple's lineup is still the Pro Display XDR, and it's safe to assume that it will stay that way." -- DPREVIEW
I may yet get the Studio Monitor, despite these shortcomings. The 5k resolution, brightness, build quality, very good (if not quite excellent) color accuracy, and integration with the Apple ecosystem are all very compelling.