"Unlike an SD card which sticks out about 1cm from the body of the computer, the MiniDrive sits flush against the body of the MacBook, becoming a semi-permanent feature of the computer."
So you can get that same feature (smaller size) for cheaper elsewhere? If so than it is ridiculous, but if not than it is only overpriced if people are not willing to pay for it. As with all startups, to get customers start by solving an actual problem (I use the SD slot all the time, but hate having it stick out)
There are some slightly uglier but cheaper alternatives for Raspberry Pi users that want a lower-profile SD card. They might be too thick for a Mac's SD slot though.
Nobody is forcing you to buy it. It appears that a lot of people out there put a $35 value on that 1cm. I certainly don't, but I'm not going to tell them they're wrong.
I remember when I first saw it on kickstarter and it was described as a kind of memory upgrade device. They later clarified what it really is but I wonder how many people really thought it was for increasing system ram.
"An easy to use device that allows anyone to quickly and simply increase the available memory in their MacBook computer."
"NOTE: A couple of people have pointed out to us that we have mixed our terms a little. To clarify; when we refer to the MiniDrive increasing the "memory" of your computer, we mean the storage space, not RAM. Sorry for any confusion that this might have caused!"