I used to think that, but worldwide, Android phones of all types sell more than the iPhone. iPhone makes the lions share of the profit by selling far fewer phones because they focus on selling expensive phones to the few hundred million that have the money to afford them and find the value worth the money. There are billions of folks that don’t find the value worth the money, but that’s ok because there’s still around 150 million a year that do.
You say it’s not an obscene amount of money, but then go on to say that it’s an obscene amount of money for ONE speaker. And, as I mentioned, Apple is not gunning for “folks that think 299 is too much for one speaker only”.
And, the specialist hi-fi market very likely use cables. Which is another market Apple isn’t concerned with providing a product for. People outside of Apple’s target market won’t understand “what it’s for”, and people that put either “cheap” or “cabled” devices high on their priority lists are definitely outside Apple’s target market. And that’s fine because Apple doesn’t have to sell a HomePod to EVERYONE in the world in order to make a profit… they could just sell them to, say, a tiny 5% sliver of folks that buy iPhones every year (not impossible) and that’d be 7.5 million, more than enough to make a profit on.