I think this is actually a fantastic place for Apple. I'm happy to trash Apple where appropriate and I've got plenty of complaints. I think Apple does it's best when the integration of hardware and software is really important and there is a very low tolerance for, I won't say bugs, but issues. They're headphones. I want to put them on and they need to make noise. I'm not dealing with connectivity issues, battery iss…
Sure, if by "works" you mean "only works with other Apple products." The cost isn't just $500, it's also the opportunity cost of going with any other competing (and possibly better) product in the future. Apple's pricing is high, but is even higher if you account for the hidden hand of future buying power you give them. It's a brilliant business strategy as it limits your choice as a consumer for the lifetime of the headphones.
Say Apple decides to slow down your old iPhone again (what? no! [1])... Or maybe you just like the new Google Pixel. Sucks to be you, time to buy a new iPhone again ($$$) if you don't want your headphones to stop "just working."