Exactly right.
To me the HDMI port is not for when I need to plug into my big screen, but a convenience for when I give a talk so I no longer need to bring a USB-C to HDMI dongle just to plug my laptop in. As you point out the bandwidth is limited and would we really want to sacrifice a Thunderbolt 4 port for a HDMI 2.1 port which not be used by the majority of users for its full intention.
UHS-II is plenty fast for my needs (transferring from a camera). For those who need faster (and may be using other cards like CF Express) again you have Thunderbolt 4 ports that you can plug in an adapter.
I think it is a sensible 'return to legacy'. We get SD Cards and HDMI on the go, it hasn't gone all the way back to type A USB ports (but not being able to stick a random thumb drive into my laptop is not a big loss). I basically do not need to bring dongles with me anymore (or a charger given the battery life is good for all day usage).
As for arguments over cost, yes its not the cheapest laptop on the market, but an equivalent Dell (not that there is a true equivalent) would cost a similar if not more amount here in Australia, and there are many things that Windows laptops just can't seem to get right (trackpads for one, even the best of them are pretty bad in comparison to the Mac trackpads). For anyone who needs the fully maxed out $6k version it is likely worth it for them as it will be suiting a professional workflow (and having a computer with Mac Pro level processing for video with masses of storage and memory in a portable form factor may be a game changer for them). For someone like me who uses it for statistical work, photography and of course general computing the 14" just above base model (10 core CPU, 16 core GPU and 1TB of storage) is perfect (and probably verging on overkill).