IMO, the base Land Cruiser exists as a build platform. If you are already planning on ditching the bumpers, roof rack, wheels and tires, etc, the Land Cruiser 1958 will be a nice blank slate. You'll get full time 4WD, locking center and rear diff, and the hybrid drivetrain. All the good mechanical bits without having to get a fancy interior, moonroof, etc.
A similarly priced 4Runner is going to likely come with a lot of extra stuff that will either get ripped out and trashed for a build or place obstacles for a build. For example, the '24 Tacoma appears to have all the TSS sensors in the bumper. It looks like they've built all that into the grille on the LC so those lower bumper plastics can easily be removed.
A 4Runner Pro is already a $55k vehicle. I think it will be a $60k vehicle with the 6th gen. So, a mid $50k base Land Cruiser probably will compete by spec with a non-prem TRD OR 4Runner ($45k)... which, of course, probably will have a part time transfer case and non hybrid drivetrain.
IMO, it would have probably been easier to take the Sequoia, change all the plastics, change the suspension/stance, ditch the 3rd row, and build a Land Cruiser off that. That's probably what I'd have done if I was assigned to bring the Land Cruiser back to America without using the actual 300 series.
BUT, I do like what they've come up with. I think it will still be a little rich for my blood and similarly priced 4Runner will be a better value for someone like me, but I'm also not every buyer. If the '24 Tacoma is anything to go by, I think it is subtle in ways that the 6th gen 4Runner won't be. And I think there is a market for subtle. Land Cruiser was always the stealth wealth ride anyway. It is going to come down to pricing and the quality of the vehicle. You can have high quality hard plastics. It can have cloth seats and hard plastic interior while feeling better built than a faux leather seat, soft touch dash. *cough* premium '23 Tacoma versus non-premium '23 4Runner *cough* There are definitely buyers out there that would prefer well built and simple versus fancier looking / chintzy feeling for the same $$$.
I'm super pumped to see what they come up with for the 4Runner. I love my '23 Pro, but I'd be lying if I said that 27mpg, full time 4WD, and an extra 50hp/180lb-ft doesn't make me jealous a little bit. And Heritage Blue!