You are, of course, entitled to your opinion but my opinion is that you are mistaken.
The difference between $40 and $70 is not really meaningful for someone who has $40 to spend on a text editor.
As you point out, there are a bunch of editors out there that are competent for free. To put my hand in my pocket for any money is a big decision. Once I have my wallet out I am not going to be swayed much by the difference between $40 and $70.
For me, in my spoilt 1st world existence, the difference is not meaningful. When I bought ST2 it was less than $50 ($48 maybe?) and people were then suggesting $20 as a better price. If $30 matters to people (and it does to a lot of people) then $40 or $20 is still a huge hurdle and not meaningfully different to $48 or $70.
To put things in perspective, I have spent something like $170 worth of billable time reading and commenting on just this forum in the last 24 hours. Worth every cent, in my opinion, but not free and way more cost than the suggested change in the price of ST or even the full price of ST. That calculation is not the same for everyone.