Based on YOUR "facts".As you said, the buying behavior for cameras changed in the last 15 years.
15 years ago a lot of people (me included) weren't spending that much money in their (smart)phones. Therefore impulse purchases for "real" cameras were far more likely.
Nowadays smartphone cameras are so good that only an decreasing(!) number of people are willing to spend their money in additional "traditional" cameras. These people are more aware of what they need and what they buy regarding photography. If you already have spent 800€ (or even more) in your iPhone13 you are well aware that spending only 500€ in a camera (with kit lens) won't give you much (or even no) advantage to your smartphone!
M isn't dying because of the R system. It is dying because it cannot evolve with time.
It is limited to small, cheap, light which was good enough while (smart)phone cameras were also limited. But this is not enough to compete with increasingly powerful smartphone cameras nowadays and in the future.
For nearly every photographing subject you will also find very good smartphone examples nowadays. The big advantages of traditional cameras are better tracking capabilities of fast moving subjects with higher burst speed and more reach (tele lenses). Especially everything combined as in sports and wildlife photography.
M never offered this nor probably(!) will.
R does and will also do in the future.
This is my OPINION (based on facts).
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