There are a lot of other components, plus making the whole thing, plus shipping, etc.
It's the same with any other electronic device. Maybe you are comparing this to PC parts, but that's different as they are all standard and you can just swap components. Here, and with other electronics in general, you have to design the whole board.
Actually, I input the BOM file from their GitHub to DigiKey and it adds up to $42 for all components without the ASIC. PCBs are cheap and machines solder for you. Even if you splurge on a Noctua fan, the BOM will come out to maybe $70. You don't have to design anything because all the manufacturing files are open source.
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As a point of reference, for one of the companies I consult for, they do their own custom hardware for industrial automation.
The BOM of that board is about $70. The landed price in the US (after PCB manufacture, Assembly, Shipping, and Import Fees) is $130. These are done in quantities of 100-200 per run....if they do a "prototyping run" of 10 boards, the cost comes in at about $240 per board.
I'd be willing to bet its very difficult to do a single board for less than say $250 once every thing is added up.
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Usually the original designer makes them and sells them to resellers. Who knows for how much. That's a hidden cost.
But, as it is open hardware, you can of course just build it yourself for cheaper.
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