I'd agree, but as long as people are clawing over each other to buy at these prices them it's going to continue, and it's going to get worse. People these days are willing to spend a lot more $ than they used to be on a wide variety of everyday products. I know lots of people with $600 vacuum cleaners, $500 blenders, $3000+ binoculars and spotting scopes, multi-thousand dollar gun setups, $3000 TV's, the list goes on and on.
I've had a lot of mid-techs the last 3-4 years in the $400-$600 range and frankly not many have been really impressive, blade steel is usually nothing special and mostly the fit, finish, and ergonomics are no better than $200-$250 knives from big production companies, and many times those big production companies are using more expensive steel. Basically you are getting exclusivity, that's it, and in some cases you're giving up edge performance because so few mid-techs have high edge holding steels. They prefer to max profits by using S35VN etc. something that's cheap to grind and heat treat.
Knives have become like watches, for many they are now a social/fashion statement. I'm very much a function over form person so for me I don't put much value on how limited the knife is or who's name is on it. That's not true for everyone, also plenty of people have tons of $ and don't mind spending it. For them they don't even think about price or value, they just buy what they like and want.
I'd also put limited editions and sprint runs in that category. The prices those go for and the demand for them is as ridiculous. I'd put ZT as example one, their limited editions are nice, but nothing that special at full retail, but demand is insane, and secondary market prices even more so. Spyderco as well, some of the sprint PM2's etc. command crazy high prices. I will give them both credit compared to some mid-techs though that sell for similar $ but have average blade steel.