This pattern repeats itself in "high" fashion quite a lot. Simple, ridiculous things that are relatively trivial to make, yet massively expensive due to hype/brand/fomo. I guess it wouldn't exist if people didn't pay for it, but it also shows how people don't value craftsmanship so much as status symbols.

Show them two identical products, one from Apple, one from Auntie down the street, and they'll pick Apple and tell you the other is inferior.

I'm sure theirs is better than anything I could make myself in all sorts of little ways. I'm just not sure it would be $140 better.

On the other hand, if I did make one for myself (which I won't - one purse is enough) it would probably have a 2-color brioche stitch or something like that for more visual interest.