This is the Apple equivalent of a Tesla showing up and out competing much more expensive cars on the performance. It feels like a huge disruption and probably Apple’s chance to gain significant PC market share.
Which was Tesla's equivalent of Jobs walking on stage with the iPhone, itself an homage to his iMac G3 turnaround, in turn a recapitulation of his promotion of the Apple II.
Even their most inexpensive products are on the higher end of the pricing spectrum, and they could be 5x the performance but it still wouldn't matter.
There's a reason why Chromebooks are so popular and it sure isn't anything to do with their performance.