I don't think you can separate features and price in this case. Looking vaguely iPhone 5-ish is not a feature that should add hundreds of dollars to the price.

My last dumb phone, which I bought to carry while cycling, cost me $30. Sure, it was ugly, but since the point is to not take it out of your pocket and play around with it, who cares?

This phone strikes me as the veganism of dumb phones. You want people to acknowledge the "sacrifice" you're making, so you're going to keep it visible, while you self-consciously don't interact with it.