My 2019 iMac was about AUD500 more than today's ASD + somewhat equivalent Mac mini. Inflation and exchange rate changes would make it even more expensive compared with ASD + Mini. (The upgradeable memory somewhat muddies the comparison). And the thing is, 3 years ago there was not a Mini comparable to the 2019 iMac.
Okay, I'm not sure how you guys are calculating these prices. Maybe this country is different.
Here (Canada), the 2020 mid-2020 iMac started at CAD$2399 (see
https://www.apple.com/ca/newsroom/2020/08/27-inch-imac-gets-a-major-update/ ). For that price, you got 8 gigs of RAM, 256 gigs SSD, i5-3.1, a discrete GPU, the 27" 5K screen, a Magic Mouse 2 and a Magic Keyboard.
Today, the Studio Display costs CAD$1999. The Magic Keyboard that's equivalent to the one thrown in the 2020 iMac is CAD$119. Magic Mouse is $119.
So, let's recap.
For
CAD$162, you got a 6-core Intel CPU, 8 gigs of RAM, 256 gig SSD, and a GPU.
The cheapest Mac mini is
CAD$799. For an M2, 8 gigs, 256 gig SSD.
I'm not sure how the M2 compares to the mid-range i5 desktop chips, but that is neither here nor there. (And really, for a fair comparison, we should compare with today's mid-range i5s, not 2020's) Bottom line: we are at CAD$630 more in the new world.
Apple used to basically give you a free mid-range Intel desktop bundled in the back of your 27" 5K retina monitor... and, well, now they don't.
I don't have the pricing for new upgraded 2020 iMacs, but the base model M1 Max studio is CAD$2499. Add $119x2 for the two peripherals, $1999 for the monitor, that puts you at CAD$4736. For that price, you get 32 gigs of RAM, a 512 gig SSD, 10GbE, and an M1 Max. If I try to estimate by looking in the refurb store around CAD$4200, for that price I am finding an i7 with 8GB of RAM, 8TB SSD and a Radeon 5700 XT, another i7 with 128GB of Apple RAM, 1TB SSD and a Radeon 5500.
Then I have an i9 with 32GB of RAM, 4TB SSD, 10GbE, and the 5700XT. That i9 configuration new... would have been the same price as your Mac Studio combo with 512GB of SSD instead of 4TB. Should I look for a 32GB/512GB/10GbE config in the refurb store? And I found one - i7, 32GB of Apple RAM, 512GB, 10GbE, 5700 XT, for $2829CAD. That configuration, at most, would have been CAD$3500 new. $1200 less than the Mac studio and Studio display.
That's what fundamentally this comes down to: even if you paid substantially to upgrade your free mid-range Intel desktop in the back of your 27" monitor (the iMac also gave you the option of not buying Apple RAM...), you were still saving considerable amounts of money.