Overpriced just means "the price is higher than the price I am willing to pay." The price each person is willing to pay is different. I am thinking also that cost of goods is low and there is room for a price cut.
The competition has more CPU and graphics... but they're non-portable so you can't really compare them.
The competition has more RAM... the lack of more RAM in Switch is Nintendo being cheap. More RAM would not impact battery life very much.
The competition is priced lower and includes a game with purchase.
It makes total sense to have a high price at this time. As long as they lower the price later, it allows Nintendo to capture more of the demand curve, if you've ever studied economics. It doesn't mean it's a good value at this time. Quite the opposite.
