I hated the price of the regular Smart Keyboard and for the next gen iPad Pro I bought, I ended up trying others. Went through like 5 other brands. Some had backlights and function keys, some had better protection. All were cheaper. Wanna know where I ended up? Back to buying an Apple Smart Keyboard because it was so seamless and easy to carry.While iPad Magic Keyboard is by no means cheap, its price isn't so bad when you consider that it has (1) Apple Magic Keyboard ($99 for Mac) and (2) Apple Magic Trackpad ($129 for Mac), while adding an extra USB-C port and doubling as a case protecting front and back.
My criticism is uncertainty with future iPad Pro models. Apple will more than likely change the form factor of iPad Pro in the future. Meanwhile, Magic Keyboard and Magic Trackpad 2 are almost guaranteed to work with future Macs and iPads.
I’ll complain until I’m blue in the face about how apple overpriced things, but when it comes to actually using the product, often I find it just can’t be beat. Same for the magic keyboard. It’s super expensive and yet it’ll be best in the market. So it comes down to do you want the best? Pay for it, enjoy it and move on