These arguments looked familiar. Remember the time when Apple released the first AirPods? Plenty of people were bashing it on how overpriced it was. Fast forward, it has become the best selling TWS earbud.
I have a feeling Apple not approaching this market from "another wireless headphone" competitor. Seems like they're approaching it from a brand/premium/style first (remember beats? People claimed how overpriced they were, but they are best selling headphone brand), and oh look, it's also wireless and noise cancelling.
I think it's the same on many of Apple products. If you look at it from the spec list perspective, there are always better values elsewhere. However, majority of people are not buying based on specs. Heck, just from the announcement, many of my non-tech friends are already drooling on how cool these AirPods Max are design wise compared to the more boxy/techy design of the Sonys. Add on colors, and you get a formula for success. Time will tell though.
I'm sure this is just a starting point for Apple. There will be an SE version for sure coming for the price that everybody's wanting (~$399) once Apple has an idea how the market behaves. Take HomePod. Apple took notes, and with then they released a $99 mini version. Release the premium for privileged status first (HomePod, iPhone X), then release the mainstream version to catch everyone else (HomePod mini, iPhone XR).