I’m struggling to understand why it’s called “with Pen” if it doesn’t include a Pen with it?
It costs a bit less than buying Apple's $350 Magic Keyboard for the iPad Pro 13 along with a $130 Pencil Pro. https://www.apple.com/shop/ipad/accessories
Both of these are way too expensive.
Perhaps they mean “also available separately”.
For example go to the Tech Specs tab and the pen has footnote 3: “Sold separately”
It's identical to the one without pen.