To me Ricoh's GR IV Monochrome price appears far too expensive considering this is an APS-C sensor with 26MP and a fixed 28mm equivalent F2.8 lens (the Leica Q3 Monochrom is 60MP and F1.7 Full frame):
While roughly 2/3 of an F-stop increased sensitivity is certainly appreciated (thanks to the removal of the Bayer filter array), the main benefit is that this GR IV 'forces' to shoot black & white (aka monochrome) as the only option at the time of shooting. However, most modern cameras have settings to shoot black & white, alternatively almost every post-processing software can generate it afterwards, some with options including a variety of color filters.
For me the R5 / R5 II setting 'Monochrome' and optional color filters do the same on a vastly more capable camera.