This isn’t a totally fair comparison. When people buy shoes, their criteria isn’t normally as low as “covers my feet”. They have a specific style they want, a specific material, and will shop amongst shoes that fit that description. Crocs and dress shoes are not interchangeable to a lot of people.

A better comparison is to look at, for instance, Johnston and Murphy vs. Alden. Then you get a more fair comparison. For instance, one has welted soles and so they can be replaced without changing out the upper. Those soles are leather and provide excellent comfort. One uses full grain leather uppers, one does not. Everyone doesn’t need those, but if you’re someone who is wearing dress shoes to the office every day, it may be worth the benefit. You also don’t have to worry about replacing the shoe every year (though you do have to maintain it).