What is most important to you? If saving money is most important obviously the Pixel 8 is a great value. However cost is relative to feature set and competition. The two other large premium major smartphones are the s23 ultra series and iPhone Pro Max cost much more than the Pixel 8 Pro. Specially when you consider promotions and discounts.
That being said the Pixel 8 is a great phone and for people who like smaller screens you are making few compromises and saving a bunch.
The way I look at it I am going to be using one device over and over again every day for at least a year I don't want to feel like I compromised. I like larger screen, I like larger battery, I like telephoto, and the extra ram.
There is no bad choice. There is no better value than what you prefer. You can find deals that will make the extra cost of the 8 Pro less painful.