I say this as someone who uses many Apple products, but still can't justify buying this. (I do have AirPods but have wanted headphones so I don't have to stick something into my ears)

If you try to understand this stuff outside the context of fashion, you'll go around in circles (as I did).

If you see this through the lens of "people will pay anything to signal various things to others" and "you can charge whatever the market will bear" then it all adds up.