Why would they lower the price? The cost of the Apple display is not based on the price they have to pay for the panel and all other parts. It's based on their market research what the target audience will likely pay for a monitor like this.
Argue about specs is fine, but arguing about the price is pointless and leads to nowhere. Either you find the monitor too expensive, then just don't buy it. Or you find it good value, go ahead and enjoy. The monitor is not too expensive. It may be too expensive for you (not you personally). And I don't mean that in a condescending way of being rich or too poor to buy the monitor. I mean the price is subjective, people value things differently. For some this monitor doesn't provide enough value for the price and for some it does. Like with everything in life.
However, I do have to say it is silly from Apple to go through the trouble of developing a height adjustable stand and still offer the standard non-adjustable as the basis. Objectively, the adjustable one is superior in every way so an inferior solution should not even be an option for a company like Apple, this does look poor for them and indeed a sad attempt to milk customers even more for something that should be standard.
Because they haven't really improved that display in over 5 years. iOS devices and MacBooks see display improvements pretty regularly, very often without price increases, or if they do it's justified. For that price I'd expect an upgrade in the display, or a lower price. For me it's not about the cost (to a degree) but the value. This isn't a good value, and not something I'd consider "luxury" that I'd pay a premium for. I'd be find with the price if it were an updated display, but it's basically the same display that was in the 2017 iMac, which wasn't even considered a high end computer. And I really think the adjustable stand should be the base model and the Vesa mount option should cost less. I hate when Apple milks customers for add-ons like this.