As a software person it baffles me how we tend to overestimate our value compared to hardware. The chip design field is really demanding, especially with deep submicron processes and with rigorous testing & verification culture that blows out of the water almost everything software organizations do.
I doubt developing a compiler for this chip will be as costly as your estimate, especially given mature opensource compiler frameworks like LLVM (already adapted to similar TPU-like architectures) and upcoming pytorch glow, apache TVM ML-specific compiler frameworks. And especially given in our industry there are people with advanced degrees who are willing to jump through additional hoops and even accept pay cuts, just to work on a cool compiler.
I respect the hardware for what it is and what it could enable.