I think it is the result of specs like RAM and CPU no longer being the selling point it once was, except for gaming PCs. Instead people want thin laptops, good battery life, nice screens, premium materials, etc... We have got to the point where RAM and CPU are no longer a limiting factor for most tasks, or at least until software become bloated enough to matter again.

If you want a powerful laptop for cheap, get a gaming PC. The build quality and battery life probably won't be great, but you can't be cheap without making compromises.

Same idea for budget mobiles. A Snapdragon Gen 6 (or something by Mediatek) with UFS2.2 is more than what most people need.