I don't actually believe that $349 is a big ask for this device. People routinely pay thousands of dollars for watches that do nothing but tell time, and not even that accurately. Even fashion watches routinely cost hundreds of dollars.
This is basically a computer with retina display on your wrist, so the fact it is only $349 is amazing.
I'll be happy to pay more for the stainless steel model.
Finally someone who sees it the same as me. Considering people spend thousands on Rolex watches, spending $349 - $1000 is not a big ask, especially considering it can track your fitness, the customisation and the apps it will likely use, not to mention how great it looks.