> As long as the quality moat persists

The risk Lego faces is that they don't actually have a quality moat any longer. You can get non-lego sets with no stickers, plenty of prints, LED lighting, at a cheaper price, and with the exact same piece quality. I purchased this set: https://www.lumibricks.com/collections/steampunk-world/produ... over Christmas, and I paid $105 because it was on sale. The pieces were indistinguishable from Lego in quality, and the lights and lack of stickers was a quality increase from what Lego offers.

What moat Lego has is: brand recognition and licenses. Which aren't nothing, but don't offer much protection.

What you mention is true, but Lego sets are (almost always) very well designed, specially the ones for kids.

A reputation moat is still a moat. It seems to me that Lego prices will drop as soon as they are forced to by competition, and not before, and this is fine.