Yes, if the only difference between the phones is in the camera, $200 is hard to justify.
I'm looking at prices in the EU (with taxes) and the difference between 12 128GB and 12 Pro 128 is €250 -> almost $300
Way too much for LiDAR and the telephoto camera.
At least with 11 Pro there was OLED vs LCD.
Really hope they manage to put ProMotion in next year's Pro models, I'll be happier to pay the difference.
People like me coming from a X or Xs may be tempted by the smaller size of the 12 Mini. The Max is tempting for the better camera, but way too big...