The main problem is software. It's great that Apple is finally sending devs to port Blender to Metal, but they need to be hiring, training, and sending Metal specialists to literally every large 3D software developer, for free, and saying "Hey, we'll help you port your stuff (properly)"
They don't really need to do that. Part of the issues with the M1 Ultra was that the education and tools release was backwards. All the more highly relevant "Use these steps to write better optimized code" and "here are the better tools for more accurate profiling and tracing " came at WWDC 2022 ... around 3 months after they released the system. At some point Apple's developers education efforts have to become effect. Apple can't run around holding everybody's hand who wants to write a Mac app.
Part of the issue here is the dual edge soft of a "low level only", 'thin' APIs like Metal where responsibility is shewed to the app developers to do a heft share of the optimization work. If have widely dispersed efforts then pragmatically going to get widely different optimizations results.
The M1 GPUs are incredibly powerful, but a) what's good for an nVidia GPU is usually terrible for an M1 GPU, b) almost nobody knows Metal, c) Apples documentation and sample code for Metal is garbage, d) Apple won't help you and you can't talk to any of their devs.
Nobody knows Metal? 10's thousands of iOS developers have been walking around in the dark for the last 4-6 years? If sat through most of the WWDC sessions for the last 3-4 years and never saw Metal that was a deliberate choice to avoid it.
As the mac SoC have divated from the iPhone SoCs in scope and complexity I don't think Apple's depth of Metal talent is as deep as the more mature SoC scopes ( Ann and AnnX SoCs ). I wouldn't be surprised if they are mostly just 6-9 months out in front of folks on the outside on Metal maturity on the "never released before" SoCs.
Apple's technical support documents and general support. Yeah there is lots more effort making them look "Pretty" and "trendy" more so than someone looking hard at the content and educational utility.
This is a huge problem because even if Apple release a Mac Pro that can actually go toe to toe with a 4090 and has ray tracing hardware, nobody is going to make use of it.
I don't see Apple saying they are trying to go 'toe-to-toe' with the 4090. Apple has stated they want to be best iGPU, but at no point I can recall did Apple run around claiming they were going to be king of the whole GPU market in the near or intermediate term. Lots of non Apple folks on these forums claim that, but where did Apple claim this?
That is one of the contributing problems that go Intel into trouble. They were going to do super duper enthusiast level graphics . They were skipping over AMD and going to take Nvidia down .
They don't need a 4090 killer GPU to have a viable , profitable product for the M-series second generation. They don't have to get there in one leap any more than the A-series needed to jump to a huge lead in 1-2 initial generations either in that market segment.
As pointed out there are far more deep seated educational issues to sort out. If don't have the right software the hardware isn't going to make a difference all on its own. Nvidia hardware and no signed macOS drivers to run it, is not a pragmatically effective tool.
the Mac Pro appearing last in the transition roll out is likely not an accident. Apple hasn't done anything like that largely by themselves before either. ( for Intel era they have ready Intel reference designs to guide them .)