SD cards are not all designed or optimized around small, random reads and writes - the typical workload of a boot drive - and latencies can be staggering. Similar for USB sticks. On the other hand, these days the overwhelming majority of M.2 SSDs are at least somewhat optimized for 4K IOPS. The latest Sabrent Rocket M2 SSDs get some 650,000 4K IOPS vs eMMC at ~13000 (the Rocket is 50X faster) an SD card around ~2000 (the Rocket is 325X faster).
Frankly if you stuck a Sabrent Rocket on a PCIe 1.0 x1 connector the performance would absolute savage an SD or eMMC solution on this workload. Even if they somehow also had identical sequential I/O specs.
And hopefully that would ensure the new form factor to be somewhat stable for a while after that.
Throw in a PCIe switch or something so you can still attach a USB 3 controller and now you've doubled the price and power consumption.