I am late to this discussion, so I apologize if I haven't properly digested everything that has been said here, and unintentionally cover ground that others have already tread. In regards to "Retina" displays, I'm surprised that the
article from bjango hasn't made an appearance, and there's a more recent
explainer written by the esteemed Dr. Howard Oakley. These articles don't cover pricing or address a less costly consumer device, but provide context for Apple's definition of what is and what isn't considered "Retina" class and why a user would want one.
As per the topic, to my knowledge, the only three monitors currently available that fulfill the ~218ppi requirement are the 5K LG UltraFine, the Apple Studio Display, and the Pro Display XDR. The 24-inch UltraFine generally requires scaling to render screen elements at an acceptable size, so I don't see that as a truly "Retina" experience. At ~183ppi, it's better than the ~163ppi of bog standard 27-inch 4K PC monitors, but still not the same as an unscaled image.
Besides the two Apple monitors and the 5K UltraFine, other options have historically been limited. Alternative manufacturers, such as Dell and Iiyama released 27-inch 5K monitors but were not a commercial success. It appears that Mac users are the primary market for such a device, and therefore these products did not gain traction outside of select users; namely Mac desktop users or laptop users that require an external monitor, but want "Retina" quality. That's a niche market. PC users seem to be fine with mass market 27-inch 4K monitors, but in my opinion, PC fans tend to be fine with a lower quality experience, in general, compared to Mac users.
The only other notable option was the 21.5-inch LG UltraFine (which used the same panel as the iMac with the same display dimensions) and was discontinued by LG in 2019. This was the only model, which didn't require scaling, that was somewhat affordable, at an MSRP of $700.
On a personal note, I somehow managed to snag a brand-new, unopened 21.5-inch UltraFine off of Ebay last Summer for half the original MSRP. Where this technological leprechaun was hiding, I don't know, but I am babying it because affordable ~218ppi monitors are currently non-existent. While smaller, the panel inside roughly matches the specs of the LG 5K and Studio Display, so I am fortunate to have it. I don't know if I could justify spending $1,600+ on the Studio Display.
In regards to the future, I think ~218ppi monitors will remain a product that serves Mac users, and only a subset of us who aren't aren't satisfied with using regular ~163ppi PC monitors and want to avoid scaling. There is a persistent rumor of Apple using a mini-LED panel for a standalone monitor and/or a theoretical iMac Pro. However, that would be another high-end product, likely costing more than the Studio Display. Whether it is meant to replace the XDR, or falls somewhere between the two, is not certain.
That is assuming this product ever becomes reality; Apple is constantly testing devices which never see daylight beyond their secretive skunkworks. You need an advanced degree in Kremlinology to understand the inner workings of Apple's product plans.
Do I think Apple will ever release an affordable "Retina" display? I doubt it, especially with inflationary pressures and they are just now catching up with demand for the Studio Display. I do think that, at some point, they will release a more advanced version with newer display technology, such as mini-LED or QD-OLED, but those devices will also likely have a price in the same region as the Studio Display, if not higher. The 21.5-inch UltraFine, which I am fortunate to own, is likely to be the closest thing to an affordable ~218ppi monitor that will ever reach mass production.
Having used a "Retina" display for a year now, and having compared it to standard resolution and ~163ppi 4K PC monitors, I can't see myself going back, despite the "Apple tax". The clarity and quality difference is too great. So, while I would like a more affordable option in the future with more advanced technology, I don't see it happening.
Lastly, I appreciate the thought-provoking post
@theorist9, I always enjoy the intriguing and insightful discussions that you provide.