You're right in that it's not an exciting update, but where's the issue exactly?
For someone who wanted to buy a new one, they're now getting a more recent chip. And if you don't care about the slight performance advantage, you can now get the M1 iPad Pro on discount instead. Win-Win for everyone.
I don't really see what kind of innovation you could reasonably expect at this point, anyway. Do you honestly need any more performance? Probably not. Where the iPad needs to improve is the software side.
For someone who wanted to buy a new one, they're now getting a more recent chip. And if you don't care about the slight performance advantage, you can now get the M1 iPad Pro on discount instead. Win-Win for everyone.
I don't really see what kind of innovation you could reasonably expect at this point, anyway. Do you honestly need any more performance? Probably not. Where the iPad needs to improve is the software side.