Yes, but owners of older cars will not be spending so much money on this and there is always a delay in technological adoption by which many of the cars without a factory camera will be discarded. Plus, many people without a factory camera have already installed one of the cheaper alternative if they had the desire to do so. This product will not be very successful.
I think many people missed some of the key points of this product...the fact that it is wireless, works automatically with your phone (or will soon), can be updated regularly...
I'm not saying it is worth $500, but the cheap backup cameras out today, even wireless ones are bulky, do not always connect that well, require a separate screen to be installed, cannot be updated with new features...
With that being said, I think people would pay $250...