AVX-512 adds many instructions that can replace what used to take 3 less efficient instructions.
This instruction set also double the number of available SIMD (single instruction multiple data) registers.
Those instructions are very useful on 128 bits vectors. And not a lot of people actually need 512 bit vectors.
Because of the number of registers and 512 bits width, it takes a lot of space in silicon. This makes it costly, and so is reserved for more expensive CPUs.
Had it been limited to, or also offered in a 256 bits version, this instruction set would have most likely be included in many more CPUs. Making it much more useful.