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There oughtta be a law...

Is it worth that much? Probably to someone. Is it a crime? Na. They made a ton of them and honestly they were a budget instrument. Also back than it wasn’t vintage and the only reason why its worth money is it says Fender and is from the 70’s. You could pick one up for 3-500 up until 10 years ago. We all (myself included) put a lot of value into instruments but at the end of the day they are all just made from the same stuff and the audience can’t tell the difference between a Thunderbird and a Stingray.
 
Looks like something Devo would use.

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Ha, love the intentional lack of a wristwatch on the bassist.