Who wants a 765g processor?
Have you TRIED it? I haven't, but all indications are that this SoC is absolutely capable of handling the use case of most users (and that is reinforced with the "bare" Android on a Pixel). The 865 "works" for Samsung because of Dex. Google has no such feature, the 765 by all accounts will do everything most people need it to do at the speeds they expect. People get so hung up on specs and don't look at how the device performs for their use day to day. We're not comparing a Core i9 to a Celeron here, we're comparing the 2.3 gHz 8-core i9 (SD 865) to the 2.6 gHz 6-core i7 (SD 765) in the 16" MBP. The i7 will be perfectly suitable for most people, while SOME will have a need for the i9, you buy the device that suits your needs.
Could it have been cheaper? Sure, and it will be in 6 weeks when we get the Black Friday sales. Does it seem overpriced when compared to the S20 FE at the same price? Maybe, but you have to consider that the cost Samsung puts into the add-ons on those phones is spread out over WAY more devices than just the one model AND those add-ons often are the reason Samsung would need the better SoC.
Then you consider people like me. I'm on Google Fi and happy with the plan. In order to make full use of the plan I need to have a Pixel phone or one of TWO Motorola phones (neither of which really "tickles my fancy"). I currently have a Pixel 2XL. The 5 is pretty much my only choice for a comparable replacement unless I want to switch carriers, which HAS crossed my mind but then I think about spending more than $30 a month for my cell phone plan and I come back to the Pixel 5...