I didn’t actually read the thread (sorry), but wanted to add some recent observations:
I’ve come to appreciate that M.2 and x4 slots are very interchangeable via cable adapters or adapters which come already in an M.2 form factor.
SATA ports have also gone missing (or are to few), so there are cheap €50 M.2 6x SATA port M.2 adapters that eat 2 PCe lanes and fill that gap rather nicely for those who still want dozens of TB e.g. in RAIDZ1 or 2.
Likewise 10Gbit NICs based on Aquantia/Marvell ACQ come in an M.2 form factor, or can be used via an M.2 to PCIe x4 cable adapter, or on top of a bifurcation adapter in low-profile configuration: I use all three variants a lot.
The latter via a bifurcation combo board splits the single x16 slot you find on a lot of Mini-ITX boards into two M.2 and one x8 slot on top, which then can hold low-profile NICs, or hardware RAID controllers, or connect even a big dGPU via a riser cable. On my Minisforum BD790i, a mobile-on-desktop Mini-ITX with 16 Zen 4 CPU cores (Ryzen 9 7945HX) that lacks any SATA ports, I then use that ASmedia M.2 adapter to get 6 SATA ports on the outward facing side (plenty of room) of that bifurcation adapter, while the inside facing (tight) one gets another NVMe drive.
I’m still somewhat angry that nobody sells an AQC113 10Gbit NIC as PCIe v4 x1 (it’s always at least x2), but then those x1 slots have completely gone missing… At least you can get 5Gbit USB3.2 NICs now that actually deliver >500 MByte/s thanks to USB 10Gbit speeds.
I guess traces are getting much more difficult to do at PCIe v5 and above than cables, because equal length and capacitance is tougher in 2D (traces) than 3D (cables), yet cables and connectors have their own overhead and pitfalls.
We are simply hitting physical limits here, it isn’t all market segmentation or rip-off.
But there is also a lot of creative small vendors, especially from China, which find novel ways to make things work.