Maybe you can help me here. But I am struggling to understand what is the point of M1 iPad when it cost similar to M1 MacBook Pro.
Cost is no object when you get what you want. The cost of the iPad has not changed much with or without M1. If anything, the cost went down with the M1, as you get so much more for the same price as last year (if I remember correctly).
When you combine the keyboard case and M1 iPad, it cost similar (12.9 inch) to MacBook Pro and weight similar.
Again, not about price, but about functionality (how you use the device). Weight is a separate and more complex issue I address below..
Yet, iPad Pro can’t do as much MacBook Pro. It is like you spend same amount of money for something less capable.
This is not an objective argument (and the money issue one more time). It's like saying everyone should drive a pickup truck because it is more "capable" than a sports car. The iPad and the Mac's capabilities can intersect in some things, but they occupy very different spaces and are each very capable for the roles they're designed for.
I too have 2018 iPad Pro 12.9 with keyboard case, because I got with big discount. I can count using my hand how many times I used this thing. Most of time, it is sitting in my drawer.
So, for you the iPad is a waste of time, so there's no need to try to fit a round peg in a square hole with your computing wants and needs.
There are several things that make the iPad attractive over a MacBook (to many of us, not everybody). Here's a few (in no particular order):
1. iPadOS: Yes, this is hard to believe for Mac fans but not everyone likes macOS. Some of us CHOOSE iPadOS over it, as it is more familiar given the similarity to iOS.
2. Modularity: I don't always need or want the keyboard & trackpad, so I can leave them behind without impacting the device's full functionality. The Mac CANNOT do this.
3. Pencil support: Yet another thing the Mac cannot do (on the screen, and without added peripherals, that is).
4. Weight: This is a result of the iPad's modularity; the iPad is a standalone device that you CAN add peripherals to to enhance it, but they are not NECESSARY. We have three iPad users in my household, and we all use them as iPads, not 2-in-1s. We don't even own a keyboard for them (although I will get the Magic Keyboard soon).
5. I have everything I used a Mac for: For 20 years, my Macs were simply "iLife" devices, that is, a repository for managing and curating photos, videos, music, and documents. Now I can do that from the couch, away from a desk, in the car, etc., in a MUCH less cumbersome way (to me at least) than with a desktop or laptop. And I can do things with it that I can't on a Mac.
6. Last but not least-FUN: I
enjoy using iPadOS, and learning its idiosyncrasies and limitations even. Yes, sometimes my Mac-muscle-memory gets in the way, but those instances are few in my use-case.
For me, the iPad is a device from the future: a thin piece of glass and aluminum that turns into whatever I need when I need it, at the touch of my fingertip or at the sound of my voice.