Yes... many of your opinions are correct.
The Raptor’s reputation and tuff looks, and exclusivity have attracted many would be AMG, BMW M, Porsche, Audi RS, Trackhawk, and even GT350/500 shoppers.
People who have an attraction to high end vehicles and the means to acquire them.
The issue appears to be that the Raptor falls short of their expectations in a few areas. Satisfying this segment of buyers is something Ford should consider with the next gen Raptor.
Engine - should be a turbo or SC V8. A vehicle that heavy needs tons of torque to satisfy seat of the pants feel... should be at least 650ft lbs. (not to mention sound is important to performance buyers).
Interior - when RAM has your interior beat by a significant margin, you know you are not goin to come close to satisfying the German cross shoppers. Yea it has some of the same tech, but it is very crudely implemented and bare bones to check the box... kinda like a Tracfone vs an iPhone, yea they both can make calls and send texts, but there is a significant difference in the experience.
Then is really gets to smaller items... paint, panel alignment, rust, rattles, stereo quality, tiny infotainment, camera resolution, etc.