Make it clear : The Mac Studio is NOT an iMac 27' replacement.
It depends which iMac: the 5k iMac ran from $1800 for a fairly weak i5 to $3200 for a 10 core i9/5700 XT (but still only 8GB).
So, a top-end iMac would have cost $3800 if you'd paid Apple the $600 they wanted for the 32GB RAM upgrade. Lets say $3600 if you got 3rd party RAM.
C.f. a M1 Max Mac Studio (10 core, 32GB RAM) + Studio Display = $3600.
First problem is the
lower end of the 5k iMac range - if you consider the i5 CPU as
roughly equivalent to a $1100 i5 Mac Mini then it felt like you were getting the 5k display, webcam, speakers etc. for well under $1000, which was an absolute bargain. I doubt that Apple were making a
loss but they must have been taking a lower profit margin than usual.
Second problem is that, although the Studio Display is undoubtedly a
nice display, all the reviews suggest that it's really not significantly better than the panel that's been used in the LG since 2016 and the iMac since 2017.
Back in 2017 you could have said "fine, this is expensive, but it's hands-down the best, highest-resolution display available without paying 10x as much and it will still be a good display in 5 years time" - today, we've got miniLED and other HDR tech starting to appear, Apple already making 6k displays which are about due for a price cut... so it's really hard to see a 5k, edge-lit panel, that's merely a bit brighter than what you could get 5 years ago as an investment for the ages.
Its only real distinguishing factor is that 5k resolution being a "sweet spot" for MacOS - and having used a 28" 4k display next to my 5k iMac I'd say that the advantage of 5k over 4k is
there but really not worth $600-$800 over a good quality 4k, especially if you factor in the wider choice of sizes and formats.
The only part that has got consistent praise in the reviews is the
speakers which are always described as "the best sound we've heard
out of a display" - which is roughly equivalent to saying "the best cup of coffee I've tasted
out of a gas station vending machine". Nobody is going to be mixing pro audio on built-in speakers - any "studio" remotely concerned with media creation is going to be using proper monitor speakers or headphones, nobody is going to make so much as a podcast without external mics.
OK, so not
everybody is going to be using "pro" monitor speakers, mics and external audio interfaces but...
hello... this is
Apple and audio production (or video production including audio) is a pretty significant chunk of their "pro" market - and for them the audio facilities of the Studio Display are irrelevant. The major selling point of a display is always going to be the
display.