Fixed lens M 4/3?

How come there's never been a m4/3 with a fixed lens? It just strikes me as a no-brainer. I get that the format was developed, at least in part to allow smaller interchangeable lensed cameras, but surely a small camera with a larger, mature sensor with a pancake zoom would be something the market would take to.

Looking at the Sony RX100, wouldn't a camera with the advantage of an even larger sensor, in a body about the same size, think Olympus Pen Mini, but with a pockatable pancake zoom (or even better, 28 prime) be the right camera, right now?

With more and more people happy enough with the quality of their phones, surly camera makers should be trying to differentiate in term of quality for consumers across the board. But who in the market for a DSLR back-up, or those like me who love the advanced compact, wouldn't be interested? It just seems to me the technology is ripe. So, Would you be interested?