They make production runs of the various models. Sometimes that means if nothing's sitting in their vault, you have to wait. The M&P's have been selling faster than they can make them, so it wouldn't be surprising if you had to wait for the next production run to be scheduled if nothing was sitting around in their vault 'unsold'.
Are they replacing the original laser-equipped model with another one, or are you getting the new M&P branded Bodyguard made without the laser? That might complicate waiting on a production run schedule, too.
If you'd wanted a refund instead of a new replacement, that might've been something to bring up and discuss earlier.
FWIW, I've been told they've been running 24/7 production shifts trying to meet demand for their M&P pistols, so it's not like they're loafing. I'd only suggest remaining patient.
I wanted a specific configuration M&P 40c a few years ago (with a mag safety). I was ordering it under the now-defunct armorer direct purchase program (received through a FFL, of course). I'd called a few times to check on the progress, and after a couple of months I was told that they were so back-logged with existing orders for
other model variations that I could either wait yet another 3-4 weeks (it had been 8-10, as I recall), or, I could take a different model variation.
The gentleman said a LE production run was currently underway for 40c's with night sights and no mag safety, and I could have one (for added cost of night sights) piggy-backed off that run ... unless I wanted to keep waiting for my original model variation to be scheduled for production. I agreed to take one off the LE run.
I'm sure some folks might be happy to learn that my armorer discount/individual officer order had to get in line behind other commercial orders.