Earlier quoted context omitted.
It's in the exact same price range as comparable wireless earbuds, like the Jaybird X2 You're just comparing them to shitty wired $5 chinese earbuds from Amazon in your head. $160 isn't even expensive for earbuds in general, more like lower mid-range.
I don't want a Jaybird so that's not a winning argument for why I would want these. I'm comparing them to my $90 noise cancelling over ear headphones that, while yes no exactly top tier, don't require their own charging infrastructure and have much better audio quality than stock apple. I may as well have an entirely separate MP3 player that costs me a good bit less than $160 than deal with this BS.
Most pure wireless headphones cost more than $150. Are you the target audience? Probably not, but for people who are looking for that type of solution Apple's pricing is very reasonable.