I think this is all missing the real-world issue. The real questions are (a) whether there are enough potential customers to make it economical for Apple to produce the custom silicon needed for an Apple Silicon "real workstation" and (b) whether that would offer a big enough advantage over generic PC Xeon/Threadripper hardware (which offers a much wider choice and greater specialisation of hardware and software than a one-size-fits-all Mac).
Apple have a great scheme with the M series where, by almost literally chopping bits off or doubling-up Mx Max dies - a single SoC die design covers everything from the 14" MacBook Pro to the Studio Ultra. They're also milking the performance advantage of having integrated GPUs (that are much faster & more MacOS optimised than competing integrated GPUs) and unified RAM, and the low power draw makes for long battery life and/or small, quiet machines.
The wheels seem to come off that for anything beyond the Mx Ultra which might just stretch to 256GB of Unified RAM and maybe 16 lanes of PCIe (going out on a limb and guessing that half of the TB4 ports could be re-configured as 4 lanes each of PCIe) - which might actually be useful for some users, but isn't going to satisfy "real workstation" users who actually need 1TB+ RAM and/or quad high-end discrete GPUs.
Would it break any of the laws of physics for Apple to make their own ARM-based Xeon/Threadripper rival? No - but economically, making a whole new class of processor just for the Mac Pro would be hugely expensive and could easily turn into a vanity project. That would also involve throwing away the advantages of unified RAM/integrated GPUs as well as the economies that come from re-purposing the Mx Max die. To what advantage? A more power-efficient processor - in a machine with a ton of non-low-power DDR5 and 2-4 hot, sweaty AMD Space Heater GPUs? Maybe a few more CPU cores (but AMD are already setting a high bar there)?
The workstation market is probably were Apple Silicon's major party trick - performance vs. power consumption - is least impressive. It's great for laptops and small-form-factor, and becomes important again in the high-density data centre (hence Ampere and Google making server-class ARM chips) - but on a personal tower system who's #1 priority was performance? Not so much.
Only Apple knows how well the 2019 Mac Pro has been selling, and hence what the potential market is. Even that assumes that the existing users are ready to move on to Apple Silicon (which will inevitably kill off a few software products) or even the latest MacOS (sometimes a bigger deal than re-building for ARM). Meanwhile, the desktop computer market is probably dwindling anyway - squeezed between ever more capable laptops and pay-for-what-you-need-when-you-need-it cloud computing.
Disagree. Was there enough 'real world' use for Bugatti to make a custom 16 cylinder engine? Nope. They lost money per machine. And didn't make it up in volume. But it probably made more money for them in halo/marketing than many car models that scrape by on 2% margins. Sometimes you just have to show you have a big swinging...ego. The halo effect, and the people that attracts have a lot more value than bean counters can assess IMO.
As always, YMMV.