When Nikon released this lens Canon had already launched the 300D with their very lightweight plastic mount EFS 18-55mm. Nikon obviously decided on a different route. 

Where the Canon lens adds only $ 80 / £ 50 to the body price, this lens adds $250 / £ 200. In that case you’d expect the Nikon 18-70 AFS DX to be the better lens and you’d be right. Whenever you pick this up it impresses with the quality of construction - it looks and feels well made and it comes with a metal mount and a proper petal shaped bayonet fit lens hood.

I think Nikon got the balance of cost v quality just right with this lens. They judged - I think correctly - that anyone paying for a DSLR expected a quality product and good results - and for that you need a good lens. Nikon also got the focal length and speed parts of the equation right. 18-70mm is equivalent to about 28 - 105mm with a 35mm SLR. That covers probably 95% of most people’s needs in one lens.