It's not $200 across the board. M4 MacBook Pro and M5 MacBook Pro started at $1599 with 512GB SSD.
Now it starts at $1699, a $100 bump but comes with a 1TB SSD. Previously it would have cost $1799 for the 1T SSD, so it's a $100 bump on base price but you are also getting 1TB SDD for $100 less than before.