My iPad can do that but I wouldn't want that as a Desktop replacement either. The iMac is/was a premium brand computer. The clue is in the word - premium. If you then start to water down the product with inferior components and try to give it mass market appeal then the word 'Premium' no longer applies and so you devalue the brand.
You may as well just lump the iMac in with other AIO computers e.g. HP, Sony, Lenovo etc. In fact those Windows AIO are now looking like better value with their larger screen sizes, more memory etc. etc.
You can argue this one until the cows come home but my take on it is this. If Apple want to release something with greater mass market appeal then fine. However, do not call it an iMac - come up with a different solution entirely. By doing that you do not risk devaluing what you already have.