God, I really hope this isn't true. I know a lot of pros don't like the M line, but as a semi-pro I saw a lot of potential in it (though I'll admit, Canon has yet to fulfill that potential). About six months out of the year, I travel almost constantly. My M50 with 22 is a great little jacket-pocket camera that is nearly invisible in my carry-on and I can bring my adapted 17-55 f/2.8 for when I wanna get a bit more diverse. The other six months I do product and portrait photography on the side, and I use my 80D for that.
I've always thought if Canon put a few more features in the body, as well as gave us a substantial battery grip, the M line would be perfect for people like me. The option of having a tiny travel camera on one hand, and then the option to expand that via a battery grip and EF adapter into an APS-C workhorse is still a dream of mine. I hate having to swap between cameras - I'd rather be able to mod my tiny travel camera into a bigger pro body when necessary and that's what I always hoped they'd do with the M line - make it a kind of transformer.
And while I certainly think there are nowhere near enough M lenses, the ones we have are great. The Sigma trio is amazing from what I've seen, and the 22 f/2 is my favorite lens ever. I'll miss it if the M line dies.