Well, I did say they could and it would be great, not that they will.
The cheapest Mac Studio with similar specs to cheapest MBP 16" and the cheapast Apple Studio Display costs actually more, $3800 vs $3500 so Apple wouldn't lose money in many cases.
I'm not so sure about the refurb deals though. Also the MacBook would cost more to make.
Here on Apple's USA refurb page, are a few examples:
14" MacBook Pro 1TB/128 GB RAM M3 Max Chip with 16‑Core CPU and 40‑Core GPU - $3,989.00
Originally released October 2023 14.2-inch (diagonal) Liquid Retina XDR display;¹ 3024-by-1964 native resolution at 254 pixels per inch 128GB unified memory 1TB SSD² Touch ID 1080p FaceTime HD camera Three Thunderbolt 4 (USB-C) ports
www.apple.com
Studio Apple M1 Ultra Chip 1TB/64GB RAM 20‑Core CPU and 64‑Core GPU $3,959.00
Originally released March 2022 64GB unified memory 1TB SSD¹ Front: Two Thunderbolt 4 ports, one SDXC card slot Back: Four Thunderbolt 4 ports, two USB-A ports, one HDMI port, one 10Gb Ethernet port, one 3.5mm headphone jack
www.apple.com
While the M3 max has less cores etc, it is often faster. OK the 14" gets hotter sooner and throttles back. But its RAM would be good too, and that RAM's retail price for 64 to 128GB is an extra $800. Many say RAM lowers the work the drive does, and makes a big difference. The notebook also provides a battery, a charger, and keyboard and a screen, which you have to pay for in a Studio. It's reasonable to assume that the M3 chip will be supported longer than an M1. Perhaps two years longer OS support? That maybe worth something.
However, I have been ignoring the core speed of that higher end Studio. This one has less cores, and is much cheaper:
Mac Studio Apple M1 Ultra Chip 1TB/64GB RAM 20‑Core CPU and 48‑Core GPU $3,059.00
But if you add the $800 of RAM, it would still costs $3,859 compared to the M3 Max's extra $130.
Originally released March 2022 64GB unified memory 1TB SSD¹ Front: Two Thunderbolt 4 ports, one SDXC card slot Back: Four Thunderbolt 4 ports, two USB-A ports, one HDMI port, one 10Gb Ethernet port, one 3.5mm headphone jack
www.apple.com
The 16" MacBooks do cost more though. They have less cooling issues and a bigger screen. I returned one to Apple which I received a 10% discount for a 1TB Max with the lesser cores. I found it very bulky (although I did have costly fancy case for it because I feared dropping it while on evaluation) but compared to my previous gen MacBook Pro 15.4" slim line with the touch panel, it felt really huge. So for many the cheaper 14" has considerable appeal. I returned it though because I felt 1 TB is too small for a notebook that I had intended to keep for many years. Drives tend to shrink over time IMO.
The annoying thing about Studios is that they should last a long time, but what will kill them may be their older gen CPUs will loose support before things like M3 processors. M2 Ultras on refurb seem much rarer and their configurations aren't impressive to me - they typically come under armed or fully equipped, and nothing in the value but effective stakes.