They somewhat have. If someone likes the over ear cans form factor then AP Max is still, obviously, the choice. These are considered much more comfortable by some versus in ear. But AP Pro 2 beats AP Max in multiple categories. Several YT audio dedicated channels (not opinion based clickbait channels, actual benchmark testing) show AP Pro 2 outperforming AP Max. ANC, Phone calls, transparency, some areas of the audio wave, these go to AP Pro 2.
The TWEB and Smart Over The Ear is a fast moving market with A LOT of players. Going 3 years between updates means you’ll go a year to 18 months where the product is now quantifiably outperformed by competitors in at least some areas. AP Max was a very good product at release and it still is good but 2 years later it is IMHO substantially overpriced. Imho Apple needs AP Pro and Max releases sooner than every 3 years.