For something most people use many times a day with a multi-year lifespan? There’s a fascinating economics lesson in how many people are concerned by the cost of a phone but never mention the service plans which almost always cost more.
That said, I do appreciate Google's "a" variant of their recent phones for the emphasis on practicality and usability (headphone jack, battery capacity), and the $349 price tag doesn't seem extravagant for what you're getting. Mostly, I just wish they came in a smaller size.
At 350$, if you use it for 3 years (which is the minimum number of years it gets updates for), you would basically be paying more for your Netflix subscription than for your phone. And I'd wager most people use their phone much more than they do their Netflix.
This is the reason why "free phone" plans are so popular. IMO, it's always lower TCO to unbundle these "deals", but so many people only care about their maximum monthly cost.
it depends on how long you want to keep the phone for. I bought my phone in 2017 ago for £400 and I pay £8 a month to a carrier to get an allowance of data + calls every month (not a contract, I'm free to cancel any time) so it's worked out at about £18 a month if you amortise the initial outlay.
obviously contracts are more expensive, and can sometimes, albeit rarely, be cheaper, you just need to do the maths.
the bigger advantage to buying a phone outright is you're free to switch network/carrier as the phones are unlocked, at least in the UK anyway.