This product's primary purpose is to generate this exact wave of online ridicule and media coverage (like this BBC article).
It makes Apple's other "expensive" accessories (e.g., a $129 FineWoven case) seem perfectly reasonable by comparison.
It generates millions in free PR, all centered on the theme of "Apple as an exclusive, luxury brand."
They aren't selling a sock for $230. They are selling the conversation around it. As others have predicted, it will sell out.