Putting aside the price, the M11 looks like the pinnacle of the M's evolution, with proper matrix metering, a refined rangefinder mechanism, a high resolution sensor that can downsample to lower resolutions and extend its dynamic range, better battery life, super quiet shutter, upgraded EVF and everything else that a person might want in a M body. As a M9 user for 12 years, the M11 looks very attractive when evaluated against the M9's limitations. High resolution when I need it, excellent dynamic range and low light performance at M9 resolution when I need it, a decent EVF for when I need precision focusing, live view for when I need to place the camera away from my face, etc.
Other cameras do many of these things: the Panasonic S5 which I now use as my primary hybrid (video and photo) camera for work does everything except 60mp in a single image, and has fantastic video capabilities, to boot. The Sony A7R IV not only has high megapixels but can shoot in downsampled lower resolutions, someone correct me if I'm wrong. But none of these cameras have the form factor, simplicity of handling, and ability to take full advantage of M lenses. Some M lenses work well with the S5, others do not.
The M11 is the best digital rangefinder on the market today, but this is a niche product in a niche market produced by a luxury goods manufacturer. I suspect that Leica understands that many M body users will not use the crazily expensive Leica lenses, opting for lower cost alternatives from Zeiss and Voigtlander, so they keep M body prices high to help shore up their profit margin and recoup costs.
The price, of course, is the entry barrier that will keep this in the realm of highly paid professionals who can write it off on tax, wealthy enthusiasts, or status seekers. It is disappointing, but my M9 is still producing beautiful images, so as long as it continues, it will repay my investment.