What a boring looking device. It looks like it could have been made by HP or Microsoft. What has happened to Apple?

That's because the design hasn't been significantly revised for years, and Microsoft and HP copied its design language long ago. Also, total desktop sales are 14 % of all Macs, so the iMac is maybe 5% and understandably not a priority.

It exactly like their last dozen iMacs but with slightly less rounded corners.