That's part of it, sure. But it's not a justification. By definition, blowing something out of proportion is to exceed to the justifiably proportionate response.
Like I said, there are a variety of easy fixes. They range from being as cheap as a strip of electrical tape, to $30 for a bumper. If that's such a huge deal for you that it outweighs the merits of the phone, then return it, wait for a fix, or use another phone. I can think of hundreds of other things that deserve far more attention.
As for Apple's crappy response, by all means, call them out on it. This deserves a decent amount of attention, since it seems like a bad case of corporate denial. But at the end of the day, whether they cop to it or not isn't really going to change anyone's life.