Its actually not crazy. You are looking at it from the wrong angle.
How many other monitors can you find on Apple's store? (except from the XDR PRO)
The monitor is expensive, its promoted by Apple and it looks like this. The first generation was plagued with so many issues that one would hope that Apple would release their own. All they really needed to do was to take the panel and stick it to the old Thunderbolt enclosure and that would be the bare minimum and it would still look better and more elegant than this.
The issue is not necessarily the monitor itself. There are tons of monitors and no one really cares. The issue is that Apple promotes such junk when they are the ones who set the industry on the design path. Its really insulting to be honest because this monstrosity is not something most Apple users (that care about design) want on their desks.
Its like buying a luxury car but put awful wheel covers/tires on it. Sure, it might do the job but its heck ugly.

(sorry for the bad analogy but you get the idea)
True....and totally agree...but...
Apple has made it clear that they are "thinking different-ly" then they use too. Including how they see integrating products into their deteriorating "closed" before ecosystem etc. Not all will agree on their choices (I included), but others will (stock holders mainly)...and many I guess like it (or don't care so much) or their stock and value would not be so high.
Remember, Steve Jobs gave the keys to Tim Cook and said to make it "
his"...well...he made it "his"...overall, "good" for apple depending on your definition of "
good"...including making apple more political, ideological (border-line alternative spiritual) more so focused then before, and other things than what was
not apple's focus before...before it was just
mainly to make "
great products" and the rest of the "stuff" that we see now with Tim Cook...was to just keep it minimal... Again, others like the current direction, others (like myself) do not care so much for it..
Apple today gets it direction from someone from the supply chain generally and not design or the technology side. Tim Cook's job was before becoming C.E.O. the guy who tried to max profits, save on manufacturing costs etc. and make deals with manufacturing companies so apple can increase profit vs. costs etc. If I am wrong, then please correct me.
Why do people "
magically" believe with that type of training and career background (Compaq etc.) Tim Cook would change his ideology and "Think Differently" than what he was trained to originally perform and see his job differently than what he did best before...
Tim Cook has taken the company now to the incredible money generating,
profit machine that it is now...good job for stockholders, not good for those who prefer
"the old apple" mentality for pride in ecstatics, design style, tech, or Apple only, close ecosystem with efficiency over sometimes profit or costs. Apple "
Pride" has taken more so now a different focus than just pride in making "great" products.
Tim Cook would not cancel launching products days before just because he did not like something or could not take pride in "his" product being out in the market like the former C.E.O. would do...EVEN it it meant losing "lots" of money due to the delays like the former C.E.O. would do... This type of
thinking is not acceptable to a person who has been trained to reduce costs for profits etc. and probably Tim as a "bean counter"...and a good one...did not approve of that kind of behavior, but had too since he was not the C.E.O. That is not "good business" in someone like Tim Cook. Steve Jobs approved Tim Cook..so even Steve Jobs thought that Tim's thinking was what apple needed for the future to be successful.
All of this said is the background as to why we see "
ugly" monitors instead of a a 5k iMac style "Cinema Display" monitor today for the same price as a thunderbolt monitor of the past.
"Just take the shell off an iMac or thunderbolt monitor and put a iMac display in it and call it a day...does not fit in the business model of today's Tim Cook's apple. Not worth the trouble in manufacturing costs vs. profit "bottom line" to a "bean-counter". People may think it is easy to "just" slap an iMac display into something...but it takes more effort for a "bean counter" to even desire or even to think about to do so verses looking at his spread sheet for such and such % profit...sweet spot selling price etc. so he can report good things to stockholders...
I wanted desperately for JUST a new thunderbolt style apple designed or just an upgraded monitor with a 4k or 5k display slapped into a shell of a thunderbolt monitor or iMac and call it a day...take my money...and I would be fine. But that did nor will probably happen anymore in today's Tim apple. Those days are over...ugly third party (that does not match your other products) that can save you a buck to max out profits for the stock market is now the new norm. We have to get use to it, or go somewhere else. It is what it is...