It's got a 1460 mAh 2S/7.4V battery (so ~2920 mAh in the typical 1S 3.7V form factor). And it connects via inductive coupling, which is inefficient, so you won't get all of that charge into the phone.
There are some sensible justifications to those metrics for battery health and charge efficiency. Stopping charging at 90%, limiting battery-based wireless power transfer to 5W instead of 15W, limiting charge levels when the devices get warm, charge management software to protect battery health when plugged in for long periods of time, charging more slowly when you don't need a fast charge, and charging the iPhone before the battery pack are all features with good technical reasons for doing them instead of technical limitations.
The naive approach of always providing 4.2V at as much current as the cell can take is bad for batteries. Apple has the required vertical integration and ecosystem controls to do some of these things that may be confusing.
I'm not disagreeing that it's not an order of magnitude more expensive than a comparable USB battery pack with larger specs.