Unpopular opinion: kids' birthday parties are out of control

Why are we spending $300+ on a 5-year-old's party? I'm not judging people who do it but we just did Chuck E Cheese and it was $40 and the kids had a blast.

My daughter asked for a "princess party" and I told her she could pick 3 friends and we'd have cake at home. She was literally just as happy.

Feels like there's so much pressure to do these elaborate things. Anyone else keeping it simple?