(My personal theory is that it’s just too rich and developed; you need cheap ‘edgy’ areas to support the people and business ideas that make places more interesting. Plus Bavarian culture is [in a nutshell] basically Catholic Churches and beer houses/gardens, so not hugely varied.)
As someone hailing from Cologne but with lots of friends in Munich, I tend to agree. Maybe it's the "Ruhrpott" dysfunction you're used to when you grew up in this part of Germany, but Munich always felt like a giant Apple Store, Hamburg does too but with a Protestant/Nordic spin instead of the posh Catholic south.
I think also another factor is that Munich is monocentric, the urban core absorbed districts very quickly (most people wouldn't know it these days but Bavaria used to be very underdeveloped for a long time) whereas the Ruhr area or Berlin are much more decentralized urban agglomerations, growing over a longer time, making it a bit more chaotic and sprawlish and economically hit or miss.
Except for housing, I did not find it particularly expensive. I ate out at very nice places for less than 10€ a lot of times, ice creams were amazing and cheap, too. At least compared to Spain, I did not noticed a big difference, taking into account the wealth of the city.
I pay about 1k and live with roommates, and a high end salary here gets crushed to almost half after taxes and whatnot.
Could this varying perception be age, cohort, interest related?
Young me would recoil at current me's sense of culture and preferences.
I have traveled all over Europe, just about everywhere, and my favorite cities are consistently in the old Habsburg Realm.
I don't know why but that's what they all have in common.
I have been to Vienna, and it’s an amazing city, despite some of its awful rulers.