They are a luxury item, you are paying for the privilege of signaling you can afford $550 headphones. Generic black over-ear headphones could be $800, could be $80, useless for signaling. Doubly true in the context of a gift.
Plus they give juuuust enough features to cover for the true purpose and give you plausible deniability. Same as most luxury items. None truly give the value of the cost (Is a Ferrari 10x as fast as a GR86? Carry 10x as much stuff? Go 10x as far on the same gas load? Etc etc etc)
"Oh but there's nothing like the experience of driving a Ferrari!"
But the market for that last 10% 1% 0.1% does exist. Like yes it's funny to make fun of middle aged guys who buy extremely expensive cars and who if actually tested couldn't tell the difference between a $60k sports car and a $160k sports car and there are plenty of businesses that prey on that lack of discerning taste to take advantage but it doesn't mean the difference isn't there at all.
That said, my first pair failed out of Apple Care and resulted in a full cost replacement. The APM sub is littered with stories of the BT module failing.
I’m sure it is ludicrous to some but I often measure value by utility and I go through entire workdays wearing this product.