There maybe some Stockholm Syndrome, but to be clear, I'd be much happier with cheaper anything too.
You're also acting like I'm suggesting running the OS from the external. That's just a weird way to think about it. The system drive is just that, for the system and apps and home folder. Media belongs on a different volume. Granted, I'm a media person with professional workflow mentality where the media is never small enough to fit on a system drive. Plus, "back in the day" the media drives were much faster than the system drive. So it's all turned up on its head in that regard
This has a number of downsides on macOS. I am well aware of the cheapness of this, but you also get a worse user-experience. I have a huge NAS that I could connect to over 10GbE too, save for no native iSCSI drivers. I have a handful of external SSDs in enclosures, but I can't easily boot off of it (and if I do, certain features of the OS get disabled). I can't easily or reliably move my home folder to it. I can't clean up my desk without buying expensive external "docks" or something that in addition to a standard M.2 SSD, come out to more expensive than the iBoff upgrade. I have to waste my time juggling files back and forth from the external to the internal in situations where I either want to (for faster speeds) or need to (in cases where Apple's software refuses to work if its not on the internal SSD).
Yeah, 20 years ago the thought of 5GB/s for less than a grand was fantasy. It's not fantasy anymore, and it's not 20 years ago. I'm tired of pretending it is to justify these outrageous prices Apple is extracting from their customers.