During stakeholder interviews, I once toured a Lego design facility. The two sound very similar, starting with consumer realities (need, valued attributes, budget) to produce something ultimately creative.
They always have been expensive. In my experience they're also worth it. Very high quality parts and they do wonders for encouraging imagination and creative exploration.
I still have all of my classic Lego sets from when I was a kid :)
the book "Blue Ocean Strategy" talks about this design philosophy a bit. "price minus costing" instead of "cost plus pricing" Meaning start with the price and see if its a viable product to build at that price, instead of build the product and mark it up to get the final price. Interesting example.
IKEA to other furniture maker: "Hey!!! We made a table first! You copied our idea. Ours has 4 legs as well. Yours is exactly the same. Take it down now."