The main thing driving this is that people are comparing a new M1 to their Intel Mac laptops with processors from ~2016 and then naturally it's a marked improvement because it's being compared to a five year old machine.
You compare them to a modern Intel or AMD system and they're competitive. They win some and lose others. Much was made about the M1 Max taking the single thread performance crown; for less than a month. Golden Cove from Intel just took it back. It's plausible that it will be AMD's again in a couple months when we get Zen 3 with 3D V-Cache.
They're all within single digit percentages of each other and the winner is whoever released their top end processor most recently.