I think the problem here is the pricing on the iPad Pro. Like the OP said, the Macbook Air M1 is cheaper. If it cost less I bet he wouldn't have returned it. People's expectations go up in proportion to price of an item/service. It's a double edged sword (people can think the most expensive plumber is best when they're not, or like the OP, see an item as not worth the price). It's the same with a person's salary - they're willing to put up with more stress/junk at their job depending on pay. Businesses have to walk a fine line with this in their pricing strategy (and employers with compensation strategies) but here Apple clearly failed.
That's your lesson for today! (LOL Sorry, I'm a prof. in real life..)
But did they though? There’s a number of people here who are happy with theirs. I purchased the 1TB 12.9” as an upgrade from the 2018 model. I’m very happy with mine in performance, extra storage, 5G, extra memory and amazing screen and that’s before I do any “work”. By purchasing the “pro” models, I get more use between upgrades and a better resale value at the other end which adds to the long term value.
Value for money is entirely subjective and clearly Apple hit the mark for a large number of people.