> Two more usb-c but you can only hook in one external monitor!
Actually you still only get two USB-C ports on the M1 MacBook Pro. The four-port model is still Intel.
That lower-spec Pro has never made much sense. The last time an entry level MacBook Pro made sense was 2015, where you got a noticeably higher TDP chip (28W vs 15W in the Air iirc—could be mistaken), more IO (two Thunderbolt 2 ports vs the Air's 1, and a full-size HDMI port), and of course an IPS retina screen.
I think the low-end Pro came to existence because they intended it to replace the Air, but the tiny 12" MacBook had already claimed the unadorned "MacBook" name, which would have made a lot more sense.
But then they ended up refreshing the Air as people just never stopped buying the old one, despite its ageing internals and garbage 2010-era screen (possibly because it was the only computer Apple were selling at the time with a keyboard that worked).
I have no idea while it still exists though. It's filling a niche that isn't there. I think the intent is for it to be basically an "upmarket" alternative to the Air, but they only thing they have to offer right now is a Touch Bar. Which for most people, including myself, is more of a reason not to buy it.