Well Apple made references to "longer battery life" with their processors, so it might be acceptable to them to market a computer giving remarkable energy efficiency with no real speed improvements
And for machines like the MacBook Air and the rumoured replacement for the 12" MacBook - which are sold for their ultra-portability and long battery life (and are already outperformed by the iPad Pro) - that's a perfectly reasonable design decisions (...although I do wonder if Apple deliberately set a low bar for the ARM MacBook by leaving that heatpipe off the last version of the Air...)
Even with the iMac, there are plenty of people working in video and audio production who'd be delighted to have 2020-level performance if it came without 2020-level fan noise.
Let's face it - if you want the best GPU performance available you buy a PC and pocket the copious change. That's been true since some time in the 1990s (...even when you could plug PCIe cards into your Mac Pro Classic, the drivers weren't always up to snuff).