• The M1 is fast enough for most people.
• The M3 doesn't promise to be a lot better than the M1.
• People's disposable income has shrunk.
• Apple's profit margin has increased.

= market forces that crush upgrade demands

Unlike other chips Apple M SOC chips dont actually get much performance or battery life improvements from each generational upgrade we all saw this coming years ago. The good thing about using their intel chips at the time was that there were improvements that could be seen because Intel was so far behind, but now that they went internal development they basically already met the peak performance and efficiency, gains to be made between generations are minimal and they have to force software developments/optimization to continue to get more performance out of the chips. Whereas x86 chips from AMD and Intel today can still continue to grow and benefit from generational lithography so unless Apple contributes to ARMs design they wont really see any major grows from generation to generation.

If you look at the market most ppl are still using M1 and apple knows this because they continue to sell stock of it. Theres less sales for M2 and there really is not going to be a real market for M3 for at least a few years.

Instead of better performance and higher efficiency, we hear about overheating and other mishaps. The 3nm initial enthousiasme is fading rapidly.