Well, I couldn't say that it is objectively the best, and like you mention, there are a lot of very fine knives in the under $50 price range, to say nothing of the delica for a few dollars more. Its no secret that I love me some delica, one of my favorite knives at any price range, and if given the choice between buying a delica for $55 or so, or the instant for $40, I'd buy the delica every day and twice on Sunday.
That said, I do like this one a great deal more than almost every other knife that I've used under $50, the exception being the Tenacious, but again, that's my opinion, not a fact. There's nothing objectively better about this one on the price v performance spectrum, especially when you factor in SRM, but...I dunno...something about the shape, the ergos, the feel of it in my hand, the pop of the AO, I just find myself reaching for it time and again. Anyway, that's just my $0.03 (2 cents adjusted for inflation).