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In addition to all the other comments, it's worth noting the drop of the 340i badge and replacing it with m340i.
It's like an updated 340i with the M Sport Package, M Performance and the MPPSK. Instead of adding all of that, it now comes standard to bridge the gap between regular 3 series and the M3. It's not just some inline 6 from another platform thrown in.
The MPPSK is a tune and an exhaust from BMW. So the updated B58 has a more performance oriented tune amongst a few other updates to give it more power.
As someone else mentioned, it's BMW's answer to the S4 and the C43 AMG.
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