Oh, it's definitely ready, that's for sure.
I also wonder if iMac sales have suffered as people wait rather than buy now in anticipation of new models. I mean I know a lot of Apple users likely have no clue about M1 but if sales slow enough they are sensitive about sales figures and would have known a slowdown would be likely.
This translates into new models sooner rather than later as every day wasted is another day of lower than usual/anticipated sales.
We will find out soon enough