The fact they made it possible is impressive in itself. Sure it’s not competitive for the latest games or such, but society is more and more reliant on smartphones, so having a local option is valuable in itself.
It’s a bit like countries making their own planes instead of buying the F-35, which is better and cheaper. They looked stupid at the time, until Trump came back and it turned out strategic autonomy had value.
As for the price, probably it is due to small production ; but also simply underlines how we got used to not paying the “true” price of things, by moving production to places with cheaper costs & labor.
Fairphone literally does have that statistic. They spent effort to gather that info in order to inform their business decisions. And they report: