Compared to gas? Nope. They are not hilariously expensive. Gas furnaces cost more to purchase, install and maintain than electric, and they have a shorter life span. For some people, especially those with minimal heating needs, electric furnaces are most cost effective than gas ones. Again, more basic info you are unaware of.

Compared to heat pumps? Maybe. Ground source heat pumps have huge installation costs and although they are far more efficient it may not make up the cost for everyone. Air source heat pumps aren’t much more expensive than traditional options, but they’re much more efficient. If you’re in an area where an air source heat pump is an option, almost certainly it’s more cost effective.

None of this is what you’re saying though, that heat pumps are unproven unready technology, which is bunk. They’re not an option for everyone, but they are an option for most people, and if anyone is looking to replace a furnace they should absolutely consider an air source heat pump, and potentially should consider a ground source one.