For homelabs, yer you can get something much better for much less.
For use cases where consistency and future support is key (education and industry) you really can't beat a Raspberry Pi. Their hardware and software support is top class. The first Raspberry Pi is still supported by the latest version of their OS over a decade later and it's even still being manufactured.
For all their products they commit to long term availability. For example, the Pi 5 will be in active production until at least January 2036 (assuming the company itself exists of course).
For anyone with a fleet of these, that's an amazing commitment. It means that when a piece of hardware breaks you can buy a band new but identical piece of hardware to replace it.
For most other companies you'd need to buy a different piece of hardware. Yes, the specs would be better, but now you have a fleet with mixed hardware which _you_ need to support and maintain going forwards.