It’s not overpriced. 5k monitors are generally in the same price range. They all seem overpriced because they don’t benefit from the mass production that’s made 4k displays extremely cheap. We’ve seen 4k panels drop in price due to huge supply, but that won’t happen with 5k, so they’ll always be more expensive.
Yes, you have the Apple tax for the over-engineered stand and mediocre webcam. Still, the fact that the Apple Studio Display just works when you plug it in, without needing settings, adapters, or a clunky gaming design, makes it great for anyone who wants a crisp display with native Mac resolution.