The iMac was a great value but I think there's something to be said about the economy of being able to keep a display across multiple generations of computer. With an iMac you have to get a new display every time you upgrade. With a Studio setup you could theoretically keep a Studio display for 2-3-4 generations of computer it's connected to. It's a higher upfront cost now but it could be lower in the long run. Or you can select a cheaper display you want based on your needs. I don't need P3 color, so my primary monitor is a Dell 27" 4K screen with USB-C connectivity which cost $370 but still has reasonable color accuracy for my photography needs. Does it have an Apple logo or its industrial design? No. But it suits my needs and will likely outlast the 14" M1 Pro MPB I connect to it (and it will definitely outlast the work-issued HP laptop I also use it for).
Did you notice on Apple’s site for all builds of the Mac Studio only has 12 months of Apple Care+ ?