They also didn't just cut down on useless material. Power supplies are still large, but Apple has moved them out of the iMac in 2020.
The recent iMac redesign also makes it extremely awkward to connect external speakers using a cable, but the built-in speakers have received mixed reviews. Even that seems like a step back from the iMac G4.
Same goes for this power supply. We are probably moving towards even lower power consumer chips and while the current power supply is pretty small, just imagine a more power efficient base line M2/M3 chip + GaN based power supply. Maybe they could power the machine with a tiny cube shaped PSU or just have a usb-c connector coming out of the back.
https://9to5mac.com/2021/04/20/m1-imac-relocates-the-headpho...
I guess it's only meant for headphones in a pinch, and you are supposed to buy Bluetooth speakers/headphones anyway? But Apple also discontinued the big HomePod that would give the iMac some oomph.
(I often suspect that the new iMac is that primarily meant as cashier machine in clinics, boutiques etc. In that context the design is probably fantastic, but then what is the successor to the iMac G4 line? Maybe everyone just uses laptops for family computers?)
If I owned one of these and had external speakers, I’d consider getting a basic USB audio adapter and using that so it’s out of sight. Bonus: it keeps your headphone jack free for actual headphones.
I’m not pretending to be an apple defender however I am a believer of intentionality and consideration which gives them the right to design a specific way if they rationalize it.