Grossly over priced compared to what though? I can't find a comparable ARM SoC on any non-Apple laptops to even compare to and the first gen Apple chips are still trading blows with modern Intel and AMD Chips depending on use case. We're now talking about the release of the 6th generation this year (though likely no Pro or Max chips this time).
A Macbook Air isn't really more expensive than a Thinkpad with similar performance.