Personally, I think the current iMac has the worst design out of all Macs being sold currently.
The iMac looks thin sure, but at the centre its got this bulge thats really annoying to look at from the sides. All of Apples Macs that have curved bodies (the MacBook, MacBook Air and iMac) waste a lot of internal space. Apple has spent lot of time making things thinner and using all the available space but using curved space is quite tough and not worth it for something like an iMac. Take the MacBook for example. They had to develop layered batteries to fill up the space with batteries. The MacBook pros on the other hand are boxed. No curves. In my personal opinion, the boxed shape of the MacBook Pros allow it to use every cubic inch inside the MacBook Pros at its best and get the most performance out of it, and yet it is incredibly thin.
The new iMacs need a similar redesign. First of all I'd lose the ugly aluminium bezel at the bottom. The Thunderbolt Display had an all black bezel making it one of the best designed displays in the market. The iMac should follow the same design. Need more space? Make it 16:10. All the MacBook Pros are 16:10 and so was the 24" apple display few years back. 16:10 is ideal for Macs I believe. 24" 3840x2400 with all black front bezels and thin boxed design (no tapering at the edges) could help with thermals and airflow and also would make the Macs look really solid work machines.
24" 1920x1200 i5/i7-8550U, 8/16 DDR4 256GB+ NVMe (seriously Apple, Kill the spinning hard drives already) 1099$ +
24" 3840x2400 i5 6C/6T or i7 6C/12T 8GB/16GB/32GB 256GB+ Desktop custom 1060/1070/1080 1499$ +
27" 5K i5 6C/6T, i7-8700k 8GB/16GB/32GB/64GB 256GB+ Desktop Custom 1070Ti/1080Ti 2199$ +