I’ve said this before, but I think it sums up my feelings well:
I view the iPhone X as the iOS counterpart of the 12" MacBook.
The MacBook was super expensive for what it was, but was the new kid on the block that brought all kinds of innovations (new keyboard, ultra thin design, Force Touch) that were eventually brought to the remaining line.
The iPhone X is the new cutting edge product that is substantially more expensive just for the sake of being new. In time it will be refined and it's innovations will flow to the rest of the line. I couldn't justify spending the money not the first generation MacBook and I can't on this first generation product either.