The cost of a main cabin fare that’s upgradable is more than a first class ticket?

Am I missing something?

I’m searching for a flight for next month and am looking at all options (full first class, mix of miles and $ and I also tried out upgradable). The upgradable main cabin fares all cost more then the regular first class ticket and that’s before the option to pay for an upgrade is even used. Am I interpreting this wrong?