This is not true in many use cases. There are tons of ways to handle low code/no code. It is a very hard problem to solve, and vendors end up building basic "low-code" wrappers around API endpoints, and that's why it looks like a lost cause.

Done right, (we are a living proof it can be done, at Syncari), one can do a lot of stuff done without any coding

I see what you are getting at. Yes State Machines to Process Designers is a spectrum and has a quite a bit of overlappings.

For example these are the lowest common denominators I see.

#1 Graph: All of these systems allow you to visually design/represent the process as a graph. You yourself has abstracted these into graph problems and have come out with a simpler non-verbose BPMN alternative - which is great.

#3 Computability: Since the base is a definitive graph, essentially a graph that could execute is a finite-automata. That is, all of these systems put the power back to the end-users to create their own machines (without actually coding) hence the relatability with low-code. So at the end, broadly even the motive aligns from computability perspective.

But I'm still not convinced these denominators justify an all-in-one one-size-fits-all solution to this spectrum. I'm not saying one product shouldn't attack them all, but it's better to appropriately categorize them and develop unique features on top of each of them. At least that is what I feel at this point of time.