@mulveling
DACs, turntables (not including carts & phono stages), and cables are perhaps the best subjects for diminishing returns. The "extravagance tier" models employ absurd over-engineering plus gimmicks to justify their cost.
In fact every audio maker is using off the shelf DACs and they use the manufacturer’s toolkit to design and load firmware to behave a particular way to control the behavior of the DAC. Some manufacturers will use features of the DAC (e.g. external clocks to the DAC as well), but none of this makes high-end DACs intrinsically better or more expensive.
Most of the cost of higher-end equipment in general isn’t the quality of the parts or even the firmware of the DAC, it’s really more about limited sales means a manufacturer has to charge more for their product.
They can’t take advantage of the economies of scale to reduce prices nor do they want to.