This is like complaining about the $400 Hermès band. The "iPhone Pocket" is obviously a luxury item from a high end designer, of course it's going to be expensive.
With this you don’t even get the designer in the name.
Plus, I can see spending money for things that are nicer or specially designed. There is a huge quality difference between a Loungefly bag made out of synthetic material and a Coach bag of leather (or even Louis Vuitton, although that is a big step up in price). But this iPhone bag isn’t that- 3D knitting isn’t even that special, you could just as easily put a cheap Android phone in this bag, and I don’t think it’s going to be any more durable than a moderately priced crossbody or small purse.