The issue is distance.

I love the Maldives but it's a looong ways away.

For luxury places, I don't think French Polynesia is cheaper by any means. There are AirBnBs on the north shore of Kauai that are half the price, and half the luxury.

If you really want great islands, the Cook Islands beat out French Polynesia and the Maldives. Just as gorgeous and filled with cheerful Polynesians.

While I've been to Maldives twice, Bora Bora and Moorea twice, Rangiroa and Rarotonga, at my age, the distance makes Hawaii preferable.

PS Before the big cyclones about 15 years ago, overwater bungalow was no gimmick in Moorea, neither is it in the Maldives. World class snorkeling, just amazing, right outside your door in the Maldives - reef in Moorea is not the same anymore.