IMO, too many people want a finite resource. The only way to offset demand is to raise prices. Current buying frenzy shows that APs are still way under priced. People’s anger toward Disney is misguided. Disney’s crime is creating too good a product that too many people want.
Maybe a part is they are under priced, but also, there's a decline in value of product. If locals (actual locals within Orange County, Riverside, LA) truly wanted to go to the parks regularly, they would buy tickets. The ticket price doesn't justify the product for most locals, especially since we are used to discounts. The Magic Key is a discount, that allows justification to go regularly (and frequently). I believe if they raised the price, it would still be high demand (in turn the ticket prices may increase), because the base tickets aren't worth it with the quality of experience being diminished with
Genie+, mobile orders, ride breakdowns, reservation availability, decline in customer service. They're trying to turn a local's park into a tourist experience that isn't valued at the price point.
Last discounted locals ticket $300 for three days 1 park per day was in September 2022.
Imagine Key $449 currently, even if they raised the Imagine Key price to $600, it's still a better value than 2, 3 day tickets for $600.
Now, if they lowered the locals ticket price of a 3 day ticket, raised the Imagine Key, made it so you can only upgrade to an Inspire Pass with a discounted ticket, I could see a balance.