No, I'm not insinuating I think it's overpriced in the pkp shop. It is currently obtainable only via pkp, I think that should change, I don't think the pkp shop price of it should change.
Also yes loyalty shop is a horrible place for it, after a second thought I can agree with that.
Sort of understand where you're coming from, doesn't address the soulbearer being a completely useless item as far as account progression goes. I don't think comparing it against other similarly priced pkp shop items is even remotely close to accurate as it's an unused item in the game, it may cost 9750pkp but it's value is not 9750pkp.
I don't really know what else to respond with cause anything regarding this from anyone is going to be anecdotal.
The main point of this suggestion is that a pkp shop should not be the only way to acquire a non tradeable, non wilderness item.