To my knowledge, you’re paying for the 4+ years of constant extreme testing & revision of the design by some of the fastest skaters in the world (seriously, have been ridden by dude who held #2 downhill world record as of 2018)

along with the wealth of knowledge & documentation of technique that comes with that. Just taking into account raw metal… no, it’s not that much money worth of metal. There are more than a few machining operations though, & those stack up a bit.