If you're primarily writing code yourself or meticulously reviewing the output from agents, then you're right. However, if you tried to have any of those models one-shot an app or do some highly agentic work, they would certainly fail. That's the future people are looking towards with these valuations: when its no longer economical for humans to write or even understand code, just let the models drive because they are superhuman at it. Not saying we are there today, but that's when you really start to see the benefit of more expensive models. Luna or Deepseek flash would never find any of the mathematical discoveries or security exploits that the larger models can find.