If Nreal Light is indeed based on Magic Leap's unreleased designs, this makes me very sympathetic to the price difference -- Magic Leap One is a development kit backed by 5+ years of huge R&D investment, and is/was never intended for end-users (hence the price and awful aesthetics).
The Nreal Light is an indication of what a consumer Magic Leap was going to be: a cheaper, slimmer, less ambitious product (by avoiding multiple waveguide displays) that appeals to a consumer market, then it's unfair and sad that they didn't have the opportunity to go to market with their own product.
On the other hand, Magic Leap has had ample opportunity to release an affordable high-quality AR headset so I do feel some sympathy in an employee leveraging legitimately acquired knowledge and experience to build a commercial product that beats its competitors. The situation may not that different to the Traitorous Eight, or Steve Jobs infamous "adapting" of design ideas of the Alto for the Apple Lisa and Apple Macintosh, after his visit to Xerox PARC.
[1] https://www.courtlistener.com/recap/gov.uscourts.cand.343717...