I'd say WE's high-end stuff is right there with Reate, but they primarily focus on different market segments.
Reate gets a lot of positive attention for the production/build quality, and it's for a good reason - their stuff is impeccable.
That's not to say that there's anything wrong with WE's quality, I've had a number of them and all were great, but Reate tends to make knives with a little more going on in terms of things like inlays, which they're known for doing particularly well.
A quote from Tony at EverydayCommentary regarding Reate's quality:
The Sebenza 31 came out or leaked out in dribs and drabs and people seem to all agree that it is a good knife, but not a necessary one. Nick Shabazz put it best when he asked viewers to watch his review of the 21 and mentally dub in “31” each time he said the knife’s name. It would have been nice to see Chris Reeve Knives really push the Sebenza but we basically got a 21 with the Inoski lock interface and the removal of the machine indexing hole. We didn’t even get a new steel despite the announcement of S45VN. None of this would be worrying in a vacuum but with the release of the Micro Evo Gen 2 and the Zulu Spear, its clear that Reate has finally learned how to grind knives. The two machining titans are set to do battle for years to come, but as of May 2020, the clear winner for me is Reate, or, at least, Reate when aided by skillful collaborators like Brian Nadeau and Enrique Pena.
If you start with the context of a knife made to comparable standards to CRK, the price for a Reate isn't unreasonable.
I have a feeling, based on how some of the designers who collaborate with Reate run their pre-sales, that the pricing on the collaborations is influenced (at least to an extent) by the designer fronting money to fund the production run. When someone with more available capital can fund the production, Reate's pricing can get a lot closer to WE's (e.g., the Eric Ochs + Drop collaborations made by Reate, the Lynx and the Orca, start at $180 and $200). But, the same sort of volume pricing effect happens with WE, and you can get stuff like the Ferrum Forge Falcon for $100 (which is still, years after release, an absurdly low price for a titanium framelock w S35VN).