True, just like the confusion between the forthcoming New Mac Pro, the Mac Mini Pro and the Mac Pro Mini...I suspect people are confusing the new iMac with the iMac Pro, The iMac Pro Max, the iMac Pro Max ++ and the iMax (That one has a very big screen.)
But, seriously... Apple have decided to call the advanced version of the M1 chip - with more CPU and GPU cores and extra I/O bandwidth - the "M1 Pro". The sensible thing to do going forward is to reserve the "Pro" suffix for Macs that have M1 Pro or better processors...
...and since MicroLED displays are likely to be coming out within the lifetime of next year's Macs, I think I'm happy to skip over MiniLED and am really hoping for a M1 Pro Mac Mini that will let you play Pick'n'mix with displays.MicroLED is actually an emissive technology (like OLED), not a new way to provide a backlight to LCDs like miniLED.
Display size is more important to me than performance. If it's still 27-in (first introduced in 2009) then I won't be buying.
...first introduced in 2009, doubled in resolution in 2014 - and it is still a bargain to get one built in to a $2000 computer. It also keeps the whole iMac unit down to a sensible size. There is a limit to how large - and how expensive - makes sense for a display for an all-in-one. If I bought a $3000 display I'd expect it to outlive the computer I bought at the same time, if I bought a >> 27" display I'd want to be able to position and mount it flexibly without having to worry about all of the USB/TB cables attached to the computer.
Seriously - if you want a huge display - or maybe some other combination of displays (e.g. a pair of 24" displays) then what you want is not an iMac but a M1 Pro/Max Mac Mini (which hopefully is coming real soon now). And, frankly, with proper, fully emissive MicroLED in the pipeline, now is not the time to pay $$$$ for a MiniLED.