Yes, they could have done 5% more engineering and just made it the new iMac. It's pretty much got a computer inside already.
Then, of course, it would have the M1 Pro, instead of the Max and Ultra, but it would have been okay.
Power users would have to wait for the Mac Pro this fall.
The big disappointment for me is that the screen doesn't pivot. Maybe they're working on a 4th stand option.