If you have an M4 iPad Pro, there's no reason to upgrade, because all you'll get is a modest performance boost. For those with an older iPad Pro or who are thinking about getting an iPad to replace a Mac, the M5 iPad Pro is going to be able to do almost anything.
It still amazes me that people are replacing a desktop/laptop with an iPad. I could never consider this. But I guess if you only consume content, then it might be right for you.