I think this is really what it comes down to. Nostalgia is huge, but it's also true that there is absolutely no other theme park out there (at least not in the US and possibly not anywhere) really offers which Disney offers - which is heavily immersive theming on rides that everyone (including small children and those that can't do thrill rides) can ride.
Universal doesn't do this, IMO. They don't really offer a lot for small children the way Disney does and they don't offer a lot for those wanting gentle rides. I don't see Universal as a true and complete competitor to Disney. If you have older children and like rides with a bit more thrill, Universal is awesome. If you don't want to do thrill rides, it's limited.
Disney can run away with pricing because no other theme park out there does what they do. Without competition, they have complete freedom in price setting, and they're using it.
But what is the desire for that in 2022? The Magic Kingdom has added very little since it opened, really. And they were all bigger thrill rides with height requirements : Space, Splash, BTMRR, and soon Tron. They only recently added new Fantasyland. Yes, they’ve added little things but very little else that was marketable. The park is VERY stale. It opened nothing for its 50th anniversary.
The MK survives on nostalgia from parents who grew up going to it. Back in the 70s and 80s, it was full of unique dark rides and themed experiences. Those rides are now 50 years old. Does a 5 year old in 2022 really get “wowed” by Peter Pan? Maybe if their parents think it’s so awesome they used to wake up at midnight months before vacation to schedule a ride on it. But on I t’s own, it’s just not what it was a generation or two ago.
Look at Universal Studios, They’ve been open 30 years, and have essentially ONE ride left from opening year, and that is the very Disney-esque ET. But even it is Peter Pan on steroids, at 30 years old.
Universal can charge a lot for folks to skip lines for new and thrilling rides that people willl ride multiple times. I Don’t see Disney being able to charge anywhere near Express levels when they offer mostly very old tech rides in their premier park. Foreign visitors would perhaps do it. Once in a lifetimers in America MAYBE, but if they are once ever visitors, it may very well be because they saved a ton for the trip, so they may not pay either.
And Epcot and AK just don’t offer enough rides to charge much. Studios could perhaps charge a large sum, since they are overcrowded.
Disney World chose to essentially build nothing for 20 years. Now 3 of their parks got fewer people than the Universal parks last year. That is HUGE. Yes, Disney has been finally building new rides in the last 5 years, but it s too late, all their parks are overcrowded, so they have to start charging for access. The $15 price was ridiculously low for any sort of Disney park perk. Well, unless you’re local using a Season Pass.