For starters, the Librem 5 costs $799. The Liberty Phone is a version manufactured in the USA, which is not something everyone will care about.

Also, PinePhone is so much slower than Librem 5, which in practice feels closer to the (now discontinued) PinePhone Pro. Their specs only seem similar on paper, and only if you don't dig into the details. Though of course, Librem 5 being a 2019 design isn't a speed demon these days either - but I'm still using one and it's manageable.