> It never made sense back then and neither does now
Well, Apple was the first 1T company. I don't know which grade they were learning me that companies maximize profits and minimize expenses. Until it works for Apple, they will happily put whatever price tag. It makes no sense to complain. People will either complain with wallet (not able to buy it) or Apple will just continue to be a behemot.
Apple's position, in so many words, is that if you want a cheaper iPhone, buy an older model. Their products are so good, that the budget model is just the old one.
For example, I have an iPhone 11. I got it the day it came out, and I really don't need another phone. I will continue to use this one until it breaks, or probably for another 5 years, whichever comes first.
Maybe for some people, it's beneath them to buy an older, even if it's professionally refurbished and warranted, but to me that says something about the quality.
Last example. My brother in law was once complaining to me about how Apple is trash and that they purposely slow down their phones and that it's all a conspiracy. I asked him what phone he had and he told me an iPhone 5s! I was so impressed that he didn't even notice how outrageous this was.
That's to the point. There is also less and less reason to upgrade quickly nowadays. My phone is a 12 Pro and I see less than zero need to upgrade. For example, 120Hz display is super nice but downgrading from it is far more jarring than upgrading to it is beneficial. 60Hz is absolutely good enough for years but only if it isn't a downgrade from 120Hz.
I can also see my M1 MBP last as long as my trusty 2009 MBP which crapped out around 2016 (7 years!). It also means less waste and less consumerism which is a positive byproduct in my mind.
