The CPU/RAM/storage seem roughly reasonable for that price? And in general, I'd say it's only a rip-off if its price is out of line with what it costs to make or maybe if it's out of line with anything compatible, in which case it's beating everything else by virtue of 99% of phones not having its features (kill switches, nearly-mainline kernel, non-Android distro support) and what phones do compete on features lose on price (Librem 5) or specs (non-pro Pinephone).

Well yes but maybe it's not so expensive if I think about it as a small desktop (and with a touch screen!) that can fit in a pocket and can be carried over between places where I have everything I need to use it. Maybe it's not even so big anymore ("160.8 x 76.6 x 11.1 mm") and so heavy ("Approx. 215 g"). Those data are from the very bottom of https://www.pine64.org/pinephonepro/

If I think about it as a phone it's heavy like a stone (hopefully everybody agrees), too large (probably I'm almost alone on this one) and too expensive.

It's actually a very good price - even considering that you don't really pay for software there.