That the term 'Apple Tax' exists shows that there is a reputation hit and shows that consumers are price conscious in ways that do not take into account supply and demand as a sole or primary factor when determining their brand sentiment. That Apple is the most profitable in comparison to other companies says nothing about how profitable it could be if the negative brand perception didn't exist.

Apple already has the most valuable brand

https://www.forbes.com/the-worlds-most-valuable-brands/