What is missing in the market is a SMALL high quality precision lab grade meter.
No fancy stuff, as you said, but just get the basics right and make it fast, well protected, with a super long battery life. Around the ill-served $200 mark would be nice.
Now that makes perfect sense to me. I have been thinking for a couple of days what is the reason I keep reaching for my UNI-T 33C even thought it is not the most accurate or rugged meter I have. It is just enough of both and the right size for really portable work.
So if I had a meter in the same form factor with the same functions and in addition with a basic accuracy of better 0.1% or better, 4-1/2 digits display, fast auto-ranging, a relative function instead of hold, TRMS, current measurement on AC, 4-1/2 digits, and rugged or even IP rated for dust and shock, and current jacks isolated from other measurements, it would be my goto meter every time. Of course as Dave said, price would be a consideration too.
Additional "nice to have" features would be an ESR function, and a non-contact voltage probe.
I know a tall order, but I am sure that it is possible. It might even be possible that such a beast exists somewhere in the market right now, but I have not found it yet.
But in the end, Dave hit the nail on the head. No one is doing a small rugged accurate meter. They are huge and accurate, or they are small and 1%.