You can dress it up however you want, but the price/hardware ratio is a rip-off compared to 8 years ago.
Anecdotally speaking, my base 2020 MBA feels and operates smoother and faster than my 2017 5k iMac with 40gb ram with an SSD installed. I am not sure what's the issue with the latter (is Apple simply not optimising macOS for Intel-based devices anymore?), but it definitely takes longer to boot up, and apps take longer to load.
I am also pretty that no Intel Mac could have 9 hours of zoom on a full charge without needing to be plugged in to an external power source.
I can agree with you that perhaps the M3 MBP doesn't seem to offer as much as value as say, the entry level M1 MBA which I purchased back in 2020, in part because not everybody may care about the better display or the extra ports (plus you are getting a thicker and heavier form factor in the process, and still only support for 1 external display). However, I do feel that I am getting more value out of Apple Silicon than I have from any Intel-based Mac (in particular the long battery life, better performance, excellent display and great trackpad), and I believe the key reason is really the entire package.
Apple is a business that makes money by getting people to buy their hardware, and while they can be stingy in some areas, they are not run by idiots. If Apple devices really represented such poor value, I don't think Apple would be seeing anywhere near the financial success they do today. Rather, a more reasonable explanation is that they are able to use their control over hardware and software to obtain better performance out of the same or even less specs. And the reason why people continue to buy their products is because they do legitimately offer a better user experience, but the customer also has to be smart in opting for the right specs for his / her individual use case. Don't opt for 8gb ram and then complain that it's insufficient for editing a Pixar animated movie. That's not Apple being stingy. That's you being dumb.
And I can safely and confidently say this as someone who also handles a windows laptop at work that has 16gb ram, 512gb storage, i7 processor, a decent selection of ports and a 1080p touchscreen. On paper, it seems to tick the right boxes, and things just feel ever so off. The trackpad is a travesty, wake to sleep is buggy, I have had firmware issues that cause my laptop to not restart properly, battery life is only okay, screen is okay, I can't lift the screen with one hand, everything's just okay. I use it because I have to, not because I want to.
If I could carry two laptops to work, I would.
Which is what I find a lot of people still don't understand about Apple. If you treat Apple as any other company and think that they are going down the wrong path just because their laptops seem to sport less ram or cost more than the competition, without also taking into consideration the areas that Apple does control (such as the ability to optimise macOS to run more efficiently on 8gb ram), then it's really no surprise that they go down the wrong path and make the same mistake the haters have been making for the past few decades.
I truly don't know what more can be said at this juncture except maybe "watch and learn"?