It is a design piece. No wires besides the single power chord. Yet webcam and speakers working.
This has been confusing us computer nerds since the first iMac in 1998.
Regular people want their homes to look nice. It's really important to them. We may think it's weird and stupid, but that's who they are, and it decides what computers they buy.
They even put the (optional, by default it's wireless only) 2.5G Ethernet socket in the external power brick. This pattern seems to have been introduced with the M1 iMac. The 2.5G upgrade is new.
Yeah this thing is built for desk reception