It depends on the spec - everyone dumps on the base specs but they are still a crazy powerful Chromebook, and in the higher specs they are legitimately competitive as ultrabooks and developer workstation spec laptops.
In neither configuration are they particularly cheap, but you’re also holistically paying for a first-party supported Unix OS with great third party support, a bandwidth level 2-4x greater than x86 laptops currently deliver (with unified memory and a good gpu for the power), very good screens/keyboards/trackpads and an aluminum chassis, a huge amount of thunderbolt with all ports at full spec, incredible battery life, etc. No, apple doesn’t compete dollar for dollar with an atom based Chromebook with a plastic body or whatever, but you also do get a much nicer machine.
This should go without saying (but seldom does) but different people have different value judgements, and different products exist for these different people. If you want to min/max your life with a $300 chromebook that's fine. Other people prefer to look at it in the "I spend 16 waking hours staring at Screens every day, I want it to be a good one". And if you are otherwise in the market for a well-specced x86 laptop, the apple stuff is not that bad, and while it does have its downsides and weaknesses it also has strengths and unique points over x86 too. You're not going to go run a LLM on that 6840U or 12700H. Have fun getting sleep to work right/waking up to a cooked laptop in your bag. Remember bluetooth problems? Me neither, they disappeared when I got issued a macbook (i9 even but the apple silicon models are better).
You see the same thing in GPUs a lot too. People fucking obsess about some numbers that largely come down to 10-15% one way or another, and you know what? If you want the NVIDIA features or (perceived or real) driver stability/herd immunity, it's fine. If you want the AMD VRAM and perf/$ advantage it's fine. It ultimately doesn't really matter all that much.
People get super wrapped into "but this one is 15% better perf/$!!! that's like half a segment!!!" but that means we might be talking about a whole $50 at the register, and if it doesn't do what you want it to, if it's going to nag and chafe at you, then just spend the money. And for some people, especially with larger purchases, there is also the psychology of "I'm spending $2500 on this Thinkpad anyway, I'm keeping it for years, I don't mind spending a little more to check boxes". Especially for what amounts to craftsmen choosing tools - we are going to stare at these machines for a long time, right?
Anyway like, there's zero question in my mind that the apple stuff smokes the latitudes or thinkpads you'd otherwise get. They're great.