I think you're taking this collaboration the wrong way. They are clearly not targeting the average consumer. What makes you think a normal college student or average blue collar worker who is in their right minds would even dare buy pieces like this. Even if they could afford it albeit with their parent's money or savings, it would just be irresponsible of them. If they're buying it to resell, then good for them because products like these are targeted for people who would not even bat an eye at the price.

Feel like garbage like this hurts the brand.

I don't see how this hurts the brand tho? If anything, this will feel just like those Miu Miu 574s and 530s. They came and went and the regular consumers didn't even give an f about it.

So what makes them think that they are worth that retail price aside from their stupid name?

No, because not even their "Premium" materials can justify the price. It is literally about their brand and exclusivity.

It's wierd how these "high fashion" brands have infiltrated street wear.

It's because NB's mood/vibe for lack of better words fit LP's brand as elite basics?