Sure. If you want to spend more time making rice that has a high chance of burning or being overcooked or undercooked, and that you'll have to put leftovers in the fridge right away, and that you have to remember to turn off when it's finished etc. Then yeah, a pot and lid works fine. To me, the time savings and the improved quality of the rice together make the premium rice cookers more than worth the investment. Every grain is perfect, not undercooked and crunchy or overcooked and soggy. No burned rice. Just set it and forget it and have perfectly cooked fluffy warm rice ready to eat all day long.
When rice actually tastes incredible every time, you tend to eat it more often. I know I make way more rice now than I did before I got mine.
My initial thoughts exactly.