Like many people I don't really need an Ultra, but wanted to buy one nonetheless - and I would have had it been an M4, but I do not want last year's chip with poorer: single core performance, power consumption, resale value and being one year/generation closer to being phased out. I contemplated the 128GB version of the M4 Max, but the cost (for the unbinned version) is so close to the Ultra that it just feels like a rip-off or us being pushed into buying something that we might not have otherwise. As I said, like most people, I don't really 'need' an Ultra or maxing out a Max.
Pretty sure most people would have been happy to wait a little bit long for a M4 Ultra, and it seems this is yet another 'lets screw as much money as we can out of people' scheme from Tim Cook/Apple, perhaps as a way to promote sales of the Mac Pro if it magically gets it first/at the end of the year. Who knows. But what I can confidently say is that people would have preferred an M4 Ultra.
I'll consider getting a base M4 Max to tie me over for now. I guess many others will skip the M3 ultra or the maxed out Max too, in the hope it might prompt Apple to start giving people what they want again.