For me, I was definitely conflicted between M4:3 and APS-C, both in mirrorless format. I could certainly be happy with several of the excellent M4:3 offerings. But the Sony A6400 plus Nauticam is less than the original examples:
Sony A6400 w/15-50mm + Nauticam NA6400 = $998 ($898 body only) + $1730 = $2728
APS-C is a much larger sensor, not the huge jump to FF but certainly significantly larger than M4:3. Larger is good, so this forum says. And it is larger in the range of 60% vs. M4:3.
The price to performance to portability ratio is excellent. Even more portable than some M4:3 due to the high top housings in some Oly cameras will not sit vertical in my Pelican 1535, the NA6400 does easily.
I looked further into the companies, Sony makes money on it's consumer photo products, Olympus and Cankon do not. Sony has recently made it easier for other party access to certain data thus making it easier for lens makers to offer additional product. I believe that Sony mirrorless cameras will continue to excel and innovate.
The A6400 arguably has the fastest autofocus of any camera, a number of tests show it faster or as fast as the newest A7 series. I intend to use my new A6400 for outdoor, wildlife and motorsports photography as well as UW so I wanted a system that had the fast autofocus and tracking AF and lens selections that can be used on both FF and APS-C formats. If I get a Sony A7X it may never see UW use, but I can share lenses with my A6400.
Things that irk me with the Sony cameras are inability to select manual only flash with no-preflash. And then there is that menu! And the 1/160 sync speed. But I am using a TTL trigger and I lived with 1/60 to 1/125 for many years with Nikon SLRs and Nikonos. So I can make do. And, the Sony is HSS capable.
I like the Sony camera better, I liked the APS-C format better than M4:3 in the end, I like the amazing AF. I liked the bigger sensor, it is bigger, no two ways about it.