If you remove that component from their value prop, they're not that much different from Dell.
All of it is a far cry from the offerings of Dell/HPE/Supermicro, which rely on others to provide the software that turns the hardware into real infrastructure.
[0] https://oxide.computer/blog/systems-software-in-the-large
For what it's worth the last time I had to procure a small cluster the offer Dell made was ridiculously overpriced, didn't meet the specifications I asked for, and the whole experience didn't inspire confidence in the software they were pitching either. We were a small underfunded startup so we were never gonna drop 200k on that storage solution (0.5PB HDD + ~80TB SSD), but if we did have that kind of budget we probably would have gone with one of the smaller but more focused parties there instead like maybe TrueNAS, I bet there's a beautiful market for Oxide as well in that segment.