Actually if you own the 2021 AppleTV 4K like me, there is no reason to upgrade as everything still works. Here are some reasons:

The cheapest 2022 AppleTV model do not have an Ethernet or Thread support.

The new 2022 AppleTV no longer have a fan, it becomes thinner and lighter as well. This is not a really good thing if your AppleTV is hidden away in some cupboard like mine.

The only new feature is HDR10+ as compared to the older model (aside from A12-A15 otherwise), but Dolby Vision is already superior than HDR10+, supports way more content, and supported in more TVs. This is only good if you own a Samsung TV that refuse to support Dolby Vision but HDR10+ standard.

The only way to justify the newer model is if you game eg Apple Arcade a lot on it. Otherwise most of the features are already there in the 2021 model: eArc to HomePods, Thread, Ethernet

The pro of the new Apple TV 2022:

- Cheaper price tag as compared to before

- A12 to A15 Bionic is a great jump.

- Huge jump in storage. But then 64gb in previous model is plenty already for a streaming device