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.
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.
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 ;)
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.