It looks like they just took a Ruger .38 and added in a barrel insert and new chamber. I don’t see a big market for a .22 that tops $500 when there are so many similar options out there sub $200.
What makes you think they will stay at $500? I’d do the same thing, nail all the eager adopters for the big bucks, announce a sale in a few months....
I do not see many other .22 revolvers that weigh less than a pound. The ones that I do see cost as much or more, like the .22 Ladysmith, which is also an 8 shot.
If you are talking small semi-autos, then there are a number, but the .22 is not as reliable in semi-autos. Plenty of .25, .32 and .380 small, light semi-autos, but they are not .22 caliber with all the advantages of cheap and light ammunition.
If you want a .22 revolver that is very light and high quality, this is one of a very few.