What, an apple product with prices rising year on year. More news at 11 o'clock.
I mean, the m1 MacBook Air is a crazy good deal currently. It regularly sells for $749 from places like Costco and BestBuy. The iPhone SE and XR were also crazy cheap when they launched with long-term support for software updates.
Apple can be unreasonably expensive at times, but they also tend to release solid hardware at many different price points.
Honestly though, the Ultra is a competitive product compared to other premium sports watches, and a more premium edition of top of the line watches (with a higher price, of course) is pretty standard as well.
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