It does look a bit cheap, and the protruding part is not aesthetically pleasing, but at least it has good specs. I wish they could make it work while keeping it the same form factors as the other parts.
The problem with the protruding part is that the Ethernet port itself is thicker than the laptop body itself. In this case, even if they were to go the route that some thin laptops use (hinged collapsible port), it would likely hit the table due to the thinness of the laptop.
If you put the port on a little cable, you're back to the USB-C dongle thing.
Also, most laptops with collapsable ethernet ports do indeed fold down. I've seen dozens of them, but I've never seen a port like the one you posted (probably because it's a terrible idea, but maybe for other reasons).
Yes, I know there is no good engineering solution unless you accept to have thicker expansion cards on both sides (e.g. with rubber pads on the bottom) that would be used as slightly elevated support for the laptop.
If you put the port on a little cable, you're back to the USB-C dongle thing.