I never had that impression, I always felt like the software sold the hardware. The hardware was always premium hardware with premium prices and correspondingly premium margins, but because the hardware was so good, people who bought it mainly for the software felt good about their purchase, and didn't mind paying extra for higher-end hardware than they might otherwise buy for themselves. This avoids the race-to-the-bottom dynamic that resulted in the Windows PC market getting saturated in low-quality, low-margin hardware for so many years.

Put another way, having great software enables upselling thriftier consumers on the hardware, which is the thing that actually makes money, especially now that OS upgrades are free and don't make money on their own. As long as both the software and the hardware are indeed great, then people feel good about their purchase.

If it's no longer the best hardware (or the best software), then that positive reinforcement loop goes away, and you end up with users who still like macOS, but not as much as they used to, who are doubly frustrated because they feel like they have to spend even more money on hardware that is no longer best-in-class, and has features that they're paying extra for that they view as negatives (touchbar, butterfly keyboard, unergonomically huge trackpad, minimal ports, dongletown, unasked for levels of thinness that forces so many compromises, greatly diminished resale value, etc.).

I’m not sure how old you are, but for a very long time mac os was actually almost a liability : you never knew if the software you needed was going to run on that platform. That’s why mac was for a very long time used only in niche markets ( sound and graphic designers, then developers started to use it starting mac os X).

Also, you think to mix hardware with hardware power, but you seem to forget design. The mac renaissance of the steve jobs 2 era started with a new line of cute colored imacs, great advertising, and strong brand recognition. Those kind of things you don’t get with software.

I’m old enough to remember the bad old days but it’s a good point. I was specifically thinking of the post-MacOS, OS X (Panther and later especially) era.