Apple iPad "repair" pricing absurd

I have an iPad Pro 10.5 (1st gen) that I purchased in 2017, and as of earlier this week it will not accept a charge. I took it to the Apple store today for diagnosis, fully understanding that I would have to pay for any repair as the AppleCare coverage is expired. After determining that the charging port is defective, I was told I could send it in for replacement with the same model for $450, and the replacement would carry a 90 day warranty.

As before, I completely understand that free repair or replacement wouldn't be an option, but I can buy a refurbished 3rd gen iPad Air 10.5 from Apple for $409 (with a 1 year warranty). Why on earth would I pay $40 more to have an older, lower spec replacement with a shorter warranty, when it would be a far better deal for me to simply toss my defective iPad in the trash and buy the refurb?

A $450 replacement cost MIGHT have made sense when this was still a current model selling for $650, but with used models selling at $330, and the overall superior 3rd gen iPad Air selling for $500 new, and $409 refurbished, these prices need to make more sense.

I realize I'm an old man shouting at clouds right now, but I expect better from Apple. Give me some incentive for being a loyal customer since 1986. Give me SOME benefit for having purchased AppleCare with this device (and every other Apple device I currently own). Don't insult me by telling me I have to essentially pay full price for a replacement (and only if I ship back the one I have) that carries 25% of the warranty it should. It leaves a very bad taste and makes me question my loyalty to the platform.

/endrant