The price seems way too high to me. I hope Motorola will release budget smartphones in the future, similar to the A models in the Pixel series. It would be cool to have a smartphone running GrapheneOS that you could also recommend to regular folks and older people.
It's not going to be the only supported Motorola device. It's the first device they're making with proper MTE support and has much better secure element integration too. Snapdragon 8 Elite Gen 5 was the only Qualcomm smartphone SoC with MTE support. Snapdragon 8 Elite Gen 6 and Snapdragon 8 Elite Extreme Gen 6 also provide it. It wasn't available in the Snapdragon 8 Gen 5 but hopefully it will be for the next generation.
Pixels fill the need for budget devices well via the 'a' series, especially when purchased as used devices. 7 years of decent updates from launch for budget devices is very unique and makes used devices much more useful.
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This device will probably go on sale for much less than $1599. That being said, at 6.8", it's huge. My Pixel with a 6.3" screen is already too large for my taste and I wish more sub 6" phone were available. Think iPhone X size for something modern but comfortably compact.
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With current RAM prices, releasing budget phones just isn't possible without taking a big loss. Especially if there's no ads to recoup the loss ;)