Indeed it is a terrible value if you are not in the market for an LG UltraFine 5K with better aesthetics, build quality and support.
But for those who are, this monitor is an answer to a prayer they have been making for literally years.
The comment "this isn't for you" is too often thrown around as a disparagement, but in this case, it is literally true for the significant majority of Mac owners will pass this by with a shake of the head. And so they should, frankly.
But for those "it is for", they see it as a time to celebrate because Apple made a monitor better than the direct and singular competition and priced it at a third of the Pro Display XDR.