Pebble Beach represents both all this is great in American golf and all that is awful. The great, I think, is obvious- historic course with ghosts abounding, untouchable views, and public "access"- but oh how it has changed (
https://www.pebblebeach.com/timeline/). I first played it in 1982, for $60, walked on, no issue. It was the home of the Carmel High golf team for decades. Locals played for nearly nothing. During the '80s-2000, a person staying at the Lodge could make a 4 ball time at PB and bring friends for the guest rate. The awful- since Eastwood/Palmer/Ueberroth/Ferris purchased the property in 1999, prices have steadily risen, consistent with the maxim "charge what the traffic will bear." Carts, of course not the way the course should be experienced but necessary for many, became an add-on rather than included with the ever-increasing green fees. Cart path only, and the "once-in-a-lifetime" vibe, made rounds basically 5+ hours. And as noted, access to the course itself became more and more limited, both by price and by changing the access rules for hotel guests. The lodge has been run down for many years, although much renovation work has been done in the last few years. The PB Company does a bit for locals- they have the Dukes Club, which allows discounted access to Del Monte, Spanish Bay and Spyglass Hill for 4 balls with one DC member ($425/yr; spouse $150), as well as access to the course without a hotel stay on Christmas Day (full price of course) and when the greens have been punched. As locals say, "It's the least they can do- if they could do less they would."
So is it worth it? As others have commented, it's a great walk and a wonderful course- 5-10, 17, 18 really memorable. But make no mistake, it's only about keeping that revenue stream flowing.