I'm not sure that is the correct product to compare against. It is closer to a midi controller than a full outright modeller, although granted the FC12 IS NOT a midi controller. I'd be tempted to compare to something like the RJM Mastermind GT series, which is quite a lot more money, but similar functionality.
The FC12 doesn't make me feel ripped off. It makes me feel excited for how I could utilise it. For the kinds of things it can do for you, in terms of controlling your Axe FX III, I think it is well worth the money.
Also another thing to consider is, the FC12 isn't a requirement. You could cheap out and use a FCB1010 if you were so inclined. You'd still be able to switch stomps, presets, and scenes, and do all your expression stuff. Fractal haven't nerfed the device from the midi control side of things, just to push sales of FC12's.
As I say; I'm struggling to think of a single time where Fractal offered something that felt like a rip off. Out of my budget? Sure, sometimes. Not the right product for me? Yeah, definitely. But a rip off?? Nah, never.