Oh, I agree...
I actually have a 12.9" iPad, anybody who thinks it's comparable is smoking something. The one big advantage of the iPad is the built-in cellular connectivity.
But... the 12" MacBook is a niche product that doesn't fit in with the low or high end of the lineup. If they resurrected it, I think they should call it MacBook nano or MacBook mini... or actually, it SHOULD be called MacBook Air except that "Air" means "low-end" in the post-2015 world.
But my worry is, a MacBook mini would be... about as niche a product as the Mac Pro.
(Also, did you buy yours new? I will admit that I didn't... and I would never, ever have spent whatever the price tag of an i7 MacBook with 16GB of RAM was brand new. So as much as I like my 12" MacBook, I paid 1/4 of its new price for it and got it as more of a toy than anything... and meanwhile, I paid full price for a launch day M1 Max 16" MacBook Pro. So... as far Apple is concerned, they had the right product mix to sell to me.)