Leica's M series cameras at least are mainly a luxury gadget for rich people, so Leica may have more Louis Vuitton bag like profit margins per camera (but making the mechanics of such cameras isn't cheap). I am always amused when I meet rich Chinese guys in the streets of Frankfurt where I live (we have a big Leica store): they proudly have their brandnew Leica with a sort of Noctilux lens attached hanging around their necks - and use their smartphones for taking images

But, of course, marketing wise it was a smart move that saved Leica from bankruptcy. In fact, Andreas Kaufmann, a smart rich guy, was the one who saved Leicy, and as German I am grateful that this legendary company survived thanks to him - despite the fact that I'd never buy a Leica, too expensive for what it offers.
I often bought new Leica gear in the -distant- past. They were expensive, but still not in an excessive way. And quality, apart from the R4, was top. Few Japanese lenses could compete.
But in more recent years, quality and features no longer reflected in the exaggerated sales prices. Also, more and more "Leica" lenses were rebranded Panasonics and Sigmas.
Service is the slowest one you could imagine.
More and more, Leicas are becoming expensive, often unreliable toys (sensors, ISO selector, freezing etc...) for collectors or rich people.
I wonder if real photographers are the ones who spend $12000 on a portrait tele 90mm lens.
There are certainly still "real" M users, I'm one of them, yet I can't help regretting that this glorious camera company is rapidly becoming a member of the luxury industry.
Edit: As I wrote in another post, I am more than happy that I can now use even the Leica M UWA lenses without issues on the R5 II. "Italian flag": Gone!
Sorry, but for the price of one single M11, I can get two R5 II + an RF 50mm f/1,4...
I still like the M, but not what it is now meant to represent.