This was how I felt about them originally and I dismissed them completely along with elgrands and bongos.
Our situation is we go away 8-10 times a year and want to up this. We do a mix of camping and holiday lets in the country but wanted to do more one night stays and touring. We both work part time so can get away whenever the kids aren't at school including weekends.
So our requirements were:
Fit in a carpark space as this is my main car.
Sleeps 4 as we have two young kids.
Originally we were looking at VWs, then we released vivaros and transits were better value. However we didn't like the layout of any of these and all our stuff just wouldn't fit as they don't have any large storage space, also the seats weren't safe enough for the kids apart from some very expensive conversions.
Then we came back to the alphards and realised they offered a better package for us. They drive better than a van, have better insulation, have better engines and, crucially for us, have a layout that is really great for us with the rear kitchen. As soon as we saw one we knew it was for us.
The value is all relative and I guess it depends on what's it's worth to you. That amount of money was no real concern to us as we could have easily spend that on a new car anyway as mine needed replacing either way. I guess the value will be dictated by how much we use it and what it allows us to do.
At one point we were considering a much larger camper but wait until we have a house with a driveway that would easily fit 4 plus cars. However the kids will grow up fast and we want to start doing the campervan thing with them as soon as we can.
Anyway, I suppose the point I'm trying to make is on one level I agree that they are objectively very expensive. However when you considered what the package offers and compare that to the competition I think they are a bargain and would have gladly paid a lot more if that had have been required.