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Well for me there are 3 reasons:
1. BMW is preparing something amazing and want to shock the enthusiast as well as the competitors, when they reveal the final prototype and release the specifications(price, engine,hp, performance, extras).
2. There is nothing so special about M1(old platform, less than expected power and extras, overpriced) and BMW is trying to build up the attention by periodically teasing the people in order to make them believe it is actually special.
3. BMW is not really ready with final product due to the relatively short development period in comparison to other M's and they are using the speculations moving around the internet to adjust the final specs.
I really hope it's the first one, but we'll see.
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