The cheapest iPad still exists because Apple sells them mostly in bulk to commercial and educational partners which makes for higher margins.

I’m not sure the iPad needed an update at all. If anything slowing the cycle down is good for the environment and for customers. They should stick every other product on a bi-annual update!

The reality is the iPad is good enough. I use an M1 iPad Pro daily and it can play Resident Evil 7 without skipping a beat; I can’t think of anything that would push it further than that. Hardware comparisons are largely moot when there is no software parity between the iPad and other tablets.