Many people have complained about how many planets in Star Trek are Class M. The reason for this is simply one of budgets. Scenes taking place on a Class M planet can be easily filmed on Earth. Other planets need detailed sets made in studios.
Well known Class M planets in Star Trek are: Earth, Kronos and Bajor.
On the Star Trek series Enterprise, Sub-commander T'Pol suggests that Class-M stands for Minshara-Class, a Vulcan term.