You seem more eager to shit on this aspect of it than to understand something you’re unfamiliar with. Not that you need to become familiar with something you’re uninterested in, especially with luxury market products, but since you’re here talking about it and this isn't "Hater News"…
It does have higher production cost but the price of this item is priced for it being designed by Issey Miyake (not Apple) and sold as a luxury fashion item. If you want a cheaper strap they sell that too.
You seem more eager to shit on this aspect of it than to understand something you’re unfamiliar with. Not that you need to become familiar with something you’re uninterested in, especially with luxury market products, but since you’re here talking about it and this isn't "Hater News"…
It does have higher production cost but the price of this item is priced for it being designed by Issey Miyake (not Apple) and sold as a luxury fashion item. If you want a cheaper strap they sell that too.