Except for certain items I can’t agree with “way overpriced”. This is a low volume, specialty item, not something they can buy from a high volume third party manufacturer and stick a Davis label on. Look at RainWise or Campbell pricing, Davis appears to me to be priced for its market position.
Oregon Scientific, a Chinese company despite appearances, list priced their WMR-300 VP2 clone at $649, I found the street price around $500.