The short version
Plunge and Ice Barrel solve different operating models. Plunge is the chiller-built daily-use tool; Ice Barrel is the ice-fill barrel for occasional or cold-climate use.
When The Plunge is the right pick
If daily-use cold plunge is the goal and you want a set-and-forget tub that holds 39°F automatically, Plunge is the right shape. Daily operating cost is electricity only.
When Ice Barrel 500 is the right pick
If you are in a cold climate where ice cost is negligible, or doing occasional cold-plunge practice — Ice Barrel saves $4,800 upfront. The vertical footprint also fits smaller spaces.