You're not wrong. If I were only going to have one shotgun I'd have an 18" and a 26-28" vent rib barrel. Everyone's situation is different though so there's a lot of things to consider. I don't hunt at the moment so being able to take squirrels and birds isn't a huge deal to me. And anyone can still find a single shot 12 gauge for $100 or a decent pump for under $200 (I do it way too often) so it's almost not even an either/or for the vast majority of people.
I guess if you can only afford one gun then you can probably only afford a handgun or a shotgun, or maybe something like a used .30-30. A decent AR is probably just outside the budget, or if it's not I'd still rather have a couple less expensive guns that can cover a wider range of needs.