I’m watching it right now after all the people saying his ending felt off and I just don’t see it. What the heck are you guys talking about?
There are multiple factors that prejudiced the audience:
1) People's expectations of tiles, macbooks, and apple tv hardware.
2) "By Innovation Only" implied to many that it wouldn't only be an iterative release show.
3) There was a one second pause at 1:40:44 where he clicked his tongue and began into the "Our mission at Apple blah blah". It was the moment people were expecting a "one more thing".
4) Many assumed they compressed the presentation to leave time for something new. There was no review of iOS 13, nor talk of release dates. They sped through the new hardware, when there were many new features they could have highlighted.
The presentation could have stood on its own just fine as an iterative hardware bump, but people anticipated more and that skewed their experience watching the show.