I agree with you, but when we are discussing "price", we are not discussing it as a function of profile. We are discussing it as a function of raw skill. If two people (one experienced and one in-experienced) were asked for a proposal on the same specs, the experienced one would demand a much higher rate, even if the final output would be the exact same. Using the word "underpriced" from the lens of competency makes sense. Your ability to gain trust/respect from a client? Different story..
To play devil's advocate: hiring a less-experienced freelancer is a riskier investment than hiring an experienced freelancer with a big portfolio and many references. Even if the two candidates are of equal skill, the hiring party can't know that. Thus, price is a function of what you can reasonably expect to get from a candidate.
Being an inexperienced freelancer is akin to being a borrower with an under-established credit rating. Regardless of whether the borrower is sitting on a mattress full of millions, he or she will still pay higher interest rates until his or her credit is better established.
I guess I just don't think that's a very realistic view of "price". Nothing is priced based on innate value, but rather a complex interaction between value and the ability to market that value.
