Is it? It's not like Valve has shut down the 'pre-order' page. If they already manufactured the devices, they should of had lower RAM prices, and if they haven't completed manufacturing and have to pay elevated pricing, seems like a device that you don't release currently. Especially since the device is mostly off the shelf parts, and SteamOS improvements have been the real selling point. I am not sure what Valve is thinking, releasing a device that underperforms a PS5 Pro, which is $200 less and comes with a 2TB drive and a controller.
Valve has zero obligation to throw gamers a bone, but the pricing on the Steam Machine seems incredibly bone headed., especially with as much competition for handhelds in that price bracket which will perform similar to the Steam Machine and have screens and controllers built in. And many of them you can install SteamOS on and have the same experience.