It's a good proposition if it has dual functionality, but it's really hard to justify that much money for this just to function on a PlayStation 5 and not a PC as well. If it works on both I would say $550 is fine, but given the console market itself and the general expectation of cost that's just too much regardless of specifications.
How so? A PC capable of playing VR games properly will cost way over a PS5. So you have a higher entrance fee + higher gear price on top. I get that the expectation of cost in consoles is different, but it's not like VR headsets are not a niche thing anyway. It's just about selling as much as you can inside that niche.
So: Valve Index + PC = More expensive than a PS5 + PSVR 2. Probably twice as expensive if not more if you want "fidelity" parity between then.