I wouldn’t say it’s a rip off but it’s still an expensive phone and doesn’t offer enough over last years line up to some people to warrant £50 more. It’s a good phone and I expect to to be the best selling new phone over the next 12 months.
If you happen to like Face ID and edge-to-edge screen, $50 more for getting heck of a lot better wide angle rear camera performance (whose video performance, particularly low light and video stabilization are hugely improved), not to mention a bunch of other refinements and improvements, seem entirely fair.
Only loss is for folks like you who value telephoto lens. Or those who prefer Touch ID.