I've been an Apple evangelist and an early adopter since the early 2000s. I've also invested a lot of money into AAPL in the past 15 years. When the first iPad came out, I bought it immediately and decided to see if I could replace a Mac with it. I jailbroke it and used a lot of jailbroken apps to make it as close to a laptop as possible. I even installed mouse support and used a Magic Mouse with it. After trying hard for about 6-7 months, I gave up. Even though I could do my work (network engineering) on the iPad, it was so cumbersome and slow that there was absolutely no benefit over a Mac. I bought two more iPads since then, but the iOS software running on the iPad was just as crippling as it was when the first iPad was released. With the iPad Pro, there is better multitasking than before, but it's still no match for macOS.
It's not about the iPad not being powerful enough when it comes to hardware. It's about the artificial limitations that Apple imposed on iOS running on the iPad years ago. Those limitations were imposed in order not to cannibalize the Mac, which at the time made a big chunk of the Apple's profits. However, in the past decade, the importance of the Mac as a money maker for Apple has diminished significantly due to enormous profits Apple is making from the iPhone. Since the passing of Steve Jobs, it seemed like Apple all but forgot about the Mac, as we witnessed with the Mac Pro and Mac Mini lingering without updates for years and years.
So, what's keeping Apple from removing the artificial limitations on iOS running on the iPad (aka iPadOS) now? The reality is that the person in charge of Apple does not understand computing trends. He is a great logistics guy, but he has no vision or knowledge of the field where Apple operates. So, Tim is following the old Apple's adage about the iPad's place between the iPhone and the Mac rather than re-evaluating the reality that the personal computing has changed since the iPad was released and that the iPhone has taken on most of the iPad's functionality. That's the reason why the iPad's shipments have been dropping for years now. The niche between the iPhone and the Mac is shrinking for many people. I, for one, haven't touched an iPad in over a year now, and I can't even remember where I put mine so I can't find it in my house anymore. I may have left it somewhere during my travels and didn't even think to check whether I brought it back because of how rarely I remembered that I owned one.
If the iPad could become a true laptop replacement, the Mac could be reserved exclusively for the professionals that require very processor intensive tasks, and the iPad could become the device that most people would use for computing at home and even at many places at work. Otherwise, people are torn between the iPad and the Mac, and many choose a lower-end Mac because the iPad was never unshackled from the limitations that Apple once imposed on the iOS based on Steve Job's vision. In my opinion, Apple is leaving a lot of money on the table by continuing to cripple iPadOS.