Isn't this the market working as intended?

This agreement puts a floor on the price that Micron can sell their chips at, and a ceiling on the price that tech companies buy them.

Micron wants the floor, so they can invest in more fab capacity without going bankrupt if there's a memory glut.

Tech companies want a ceiling so they can keep selling their products even if there's a shortage.

If there's a glut, the tech companies will just resell these chips at a loss, or take a bath on their $22 Billion of deposits. It doesn't "lock in high prices" for consumers, just the producers.