I’d love to see someone try to make a genuine argument about how the cost of this plastic trash is comparable to the cost of AirPods.
Design and plain simple economics.
I am going to assume that a fair amount of man-hours went into conceptualising the iPhone pocket. I don't think this is something an intern at the firm spent 5 minutes crapping out. This results in a high fixed cost, and because the iPhone pocket is sold in such limited quantities, you need a higher margin to offset the cost of R&D (essentially), packaging, marketing etc.
I also don't know what went into manufacturing this, but I have interacted with it at the Apple Store, I feel it does genuinely feel like a high-end product (not sure how it will hold up after a year) and I willing to bet that there is a night-and-day different in quality and feel compared to a $5 knock-off you see elsewhere.
The cheaper knockoffs also have a ready-to-copy template to go off on (so basically, there is zero fixed costs). The iPhone pocket had to start from scratch, and it's always harder to do something different than it is to just ape whatever is already on the market.
Then there is also the value of intangibles like owning a limited edition product (think Labubus or designer handbags, where scarcity is the entire point). This thing is sold out worldwide. No doubt a fair number of them went to influencers looking for quick and easy clout, but I am sure some also went to genuine customers.
Meanwhile, the AirPods is also similarly priced to maximise profits, but it's also a mass-market product designed to sell in the hundreds of millions (and so the price reflects that). Much of the technology and supply chain is also pretty mature and established, and all these come together to help bring manufacturing costs down.
So yeah, when demand outstrips supply, simple economics dictates that price will rise accordingly till parity is reached. Perhaps an argument could be made that it's still under-costed, but I doubt Apple is making any signifiant profit here. It's purely a marketing gesture.