Having been around since the earliest days of Apple and in the world of IBM PC and clones, I would compare Apple far more to how Nikon was in its best camera days. They built extremely solid performers and charged more than many of their counterparts. Some called it the "Nikon tax" and the rest of us called it peace of mind. Apple's earliest days was much as you said being a solid performer and they would charge a bit more allowing them to not only remain solvent but have the ability to be forward thinking. Sadly like any closed system, they lost a lot of potential buyers as IBM clones and other PC makers did vastly better at entering the business and home market. Apple was now far more like Sony who had Betamax which was better than VHS but opted to keep it closed and lost out. I recall when NEC made some Apple-compatible machines that were allowed in agreement with Apple. This didn't last too long as the NEC machines were cheaper and interestingly, considered superior to Apple's hardware. Apple made sure the NEC machine days did not last long.I own a little Apple stock so did my symbolic move of voting him out when they had me vote on folks on their board, etc. as a stockholder.
Massive profits will please the people who just care about the stock and investing. But the original Apple was never focused on market domination. It was created by one Steve who truly only cared about the engineering and building the best product he could make, and one Steve who felt that when you build an "insanely great" product? You simply charge more for it, to ensure you stay profitable. But you don't worry about selling as many of them as you possibly can. Having even 10% of the market share of computing devices is a perfectly good place to be, if you're building the ones a selective/choosy audience prefers.
I know car analogies are way overused in the tech community. But Apple has gone from being a Lamborghini to being a Chevrolet. They sell a LOT more units and have a wider product line now, and you can even buy their "upscale" line and get decent performance (kind of like buying a Corvette from Chevy). But they stopped trying to be "elite" in the computer world, and just expect people to keep loyally buying them for the branding/logo.
I am more than disappointed that the dawn of the M system Apples didn't come with true jump in OS and handling but instead was just a carry over from the Intel days. Here was a real opportunity to return to the best days of Apple that you mention - pay a bit more but you know you have a really good, solid, forward tech performer.