IMHO, I don't think the G1-X III, with it's complete range of auto-to-manual settings, EVF, burst mode, hot shoe, remote and wifi-capabilities, and most importantly, the DSLR- equivalent 24MP APS-C sized sensor, can even be considered in the same class as "P&S" cameras, as its IQ is even above many of the lower-to-mid range DSLRs. It was a photography camera. The new V1 doesn't even have as good a sensor and is clearly not a photography camera; it's a videographer's camera, and as such, should not be used in comparison. Any other of the "P&S" ("baka-chon" as they say in Japan...) also really don't compare well, even the newer ones with their de-featured bodies and inferior sensors.
In short, the only real replacement for the G1-X III is the Sony alpha 7c ii (and if you wait a little bit, the Sony alpha 7c iii!) Now THAT is a replacement for the G1-X iii that Canon abandoned! Sadly, Canon flipped a finger at photographers and decided to place their bets on cutesy princess influencers and Vbloggers, with their new offerings, and also offer some kibble for the lower end photographers with P&S cameras that are marginally better than an iPhone for a crowd who couldn't tell the difference in IQ (and will probably stick with their iPhones anyway.)
Sarcasm aside, while that's OK to try to reach new buyers, Canon is pivoting away from leadership and being the first choice for ALL photographers, and is now being only the first choice for some photographers. Thank goodness Sony hasn't forgotten photographers.