I understand the desire for compact. I belong to an ancient camera club with ancient members. I ain't no spring chicken, but I'm the youngest member by at least ten years! All around me, fellow members are buying Olympus. Then sort of missing the clean images they were used to working on in LR CC.Love that lens, dude, it's really really good. I finally got to try a 50 prime with the near perfect wide open AF experience I had with the 85 f/1.4L IS. Canon pulled it off.
Money's not my hang up. Personally, I'm not ready for an EOS R migration, but even if I was, gear that big/heavy tends to stay at home rather than come out with me. When I migrate to EOS R, it likely will be more about being able to build an aggregate smaller bag of gear. So as much as that lens is amazing, I think I will use smaller, slower lenses more often and those options will more likely get my money.
And I have an 80D with a permanently attached ef-s35mm f/2.8 IS Macro. Not the widest aperture, but better than a pancake for AF and IQ, imo. That's what I take out with the kids. But the 80D is fun with other lenses too.
But I believe it is possible that Canon threw up their hands, waved the white flag, and decided they could either compete against the smartphone era with mediocre compact gear or truly differentiate by making the best possible primes and mid-focal-lenght zooms regardless of size.
Have you seen how amazingly great the current generation of smartphones is right now? Even passionate, top photographers I know have decided that for their travel and family photography, their everyday compulsion type photography, it's just too easy to carry only the smartphone. I find this kind of sad, kind of like the passing of an era, but these days anything more than a smartphone seems cumbersome, seems like it intrudes on other activities, and creates something of a dedicated outing.
If I can't carry it in my pocket, then it might as well be a beast of a lens and body combo that gets the best possible results. You don't see a lot of people carrying ANY kind of SLR when out and about (outside tourist areas), but it no longer makes me self-conscious to do so myself. I go to the grocery store, or to pick up the kids, or whatever, I have a big or bigger combo. I don't care. If there is the chance of getting an outstanding photo, I want to be using my favorite gear. Snapshots, documented cute moments, etc., a smartphone works. And it is really not much more of an inconvenience to have a little bigger, heavier gear than what you have been talking about these past several years.
Does this make sense? Canon saw the death of point-and-shoot, and they are doing their best to sustain, and bring some new energy to hobby, enthusiast, and pro photography.