Very true, but then the same can be said for a lot of things. Do we really need to spend £3 on a coffee from Costa or wherever when we can have one for a few pence at home? Do we really need that slightly bigger TV that shows the same old stuff just at a slightly higher resolution? Do we need a new £450 games console to replace the one that plays perfectly well and has the same old franchises? What about the car we drive to work and back in and spends 95% of its time sat on the drive, does that need to be replaced with a new model when all it does is get you from A to B just the same?
It's called being privileged and fortunate enough to be in a position where we have enough disposable income to make these decisions. Yes, a lot of the adrenaline comes from the anticipation and wanting, but then if you took the same attitude all the time, you'd still be using a Nokia 3310 or whatever.
Putting it into perspective, at the end of the day most people are rarely away from their phone. They carry it everywhere, it performs countless daily functions around browsing, navigation, photos, music, games. It's an alarm clock, it's a timer, it's their watch, it's whatever they want it to do just by downloading an app. If you ask me I think phones are way under-priced for what they offer. Yes you can get cheaper Androids or even cheaper iPhones, but when a device is now such an integral part of daily life and carried everywhere, I have no issues with how iPhone X is priced.