Well, a Rolex has extremely high utility too. It's just that it has much less utility than a digital watch you can buy for $23 from Casio. The purpose of spending the other $59,477 [ https://www.rolex.com/en-us/watches/sky-dweller/m336935-0008 ] is just that you can say you did.
Apple products are similar. They have high utility that is nevertheless not as high as competing products that are much cheaper. All of the value is coming from the luxury branding.