Vizing's theorem states that all graphs $G$ have $\chi'(G)=\Delta$ or $\chi'(G)=\Delta+1$. The former are called class $1$ graphs and the latter are class $2$ graphs. So $\chi'(G\setminus M)=\Delta - 1$ because removing a perfect matching reduces the degree of every vertex by $1$ and all bipartite graphs are of class $1$.
When we add the matching back in, we increase the degree of every vertex by $1$ and we increase the number of required colors on the edges incident with each vertex by at most $1$. Thus $\chi'(G)\ne \Delta +1$ since the number of required colors is no more than $\Delta$, thus $\chi'(G)=\Delta$.
ALTERNATE PROOF (without Vizing's theorem): Let $\Delta(G)=\Delta$ and observe that $\Delta(G\setminus M)=\Delta -1~$ since removing a perfect matching reduces the degree of every vertex by $1$. Since $G\setminus M$ is bipartite, it is also easily seen that $\chi'(G\setminus M)=\Delta-1$. So when we add $M$ back in, there is some edge incident with a vertex of maximum degree in $G\setminus M$. This edge will force us to require an additional color, thus $\chi(G)=(\Delta-1)+1=\Delta$.
@bof: Thanks for pointing out that Vizing's theorem is unnecessary here.