The way they've treated the Mac Studio by simply not updating it, letting the MacBook Pro M4 nearly surpass it at the top end of performance, doesn't bode well for the future.

Seems like they think Ultras aren't worth the investment, let alone building a true "unleashed" SIP.

Apple never says "hey what's the fastest and most powerful thing we can build for X price", they always box themselves in with space or energy constraints, so they never truly compete for the high end. The existing Mac Pro body was their chance to do that, and instead they put something designed for a smaller chassis in there.