Inflation is kind of a thing, not sure if people noticed. Sony *increased* the price of the PS5 citing inflation as a factor.
I think $299.99 is a pipe dream. It will be $399.99. You're not getting a full generation upgrade over the current Switch OLED for the same price as the Switch OLED ($350) or even cheaper.
Nintendo knows their demographics, as long as the software lineup is good, they will be sold out for months if not most of the first year. They just need to avoid doing stupid things like banking on dumb gimmicks or not having enough software that excites their core market or making the system look like a child's toy.
$399.99 is a reasonable, mainstream price too, it's still well below the PS5 which is $500-$600 (USD equivalent) in most markets.