A lot of things going on here, but if your point of comparison is a relatively stripped down basic truck you bought in 2007 of course you will be shocked. As a comparison point, the 2004 F150 I bought used in 2010 nearly cost as much as what you bought new in 2007 - but it was what was in demand - 4x4 supercrew with the 5.4 - not a stripped down base V6 truck.
3/4 ton trucks on up when loaded up with nice trim (like the King Ranch package) cost a lot. And part of how many of them are justified is as part of a business. My employer buys hundreds of 1/2 and 3/4 ton trucks yearly, along with a lot of heavy duty trucks. Our 3/4 ton trucks under our bid package are typically coming in around the mid 30's these days - XL trim, supercabs, 2 wheel drive, etc...
Point e being you can focus on the luxury end and go oh my gosh they cost a lot, or you can look at the practical end and realize those are still available too...