Having read a bit more about the new M1 I really think it is designed and speced for the new Air. The RAM is on the package, which makes it very performant and

Having read a bit more about the new M1 I really think it is designed and speced for the new Air. The RAM is on the package, which makes it very performant and 16G is a reasonable limit for an Air-like computer. The Mini got cheaper and more powerful, so it is not a bad trade off. I strongly assume, that there will be variations/successors to the M1 which are going to support more memory and also more IO (more USB-4 ports, more screens).