They need to do that because it would be fair. Like is said, the current EOS R is already entry level, when you look at the specifications. The Sony a7 III is cheaper and has much better specifications, even IBIS.
I have the lens since a while and to be honest I expected more out of it, especially in low light. So you've got a good point not getting this lens. I feel it's the last 'effort' from Canon to give something to M users but I think the whole M system will be gone soon anyways.