We are all such engineers. Take a Picasso, for example- how do you put a value on one of his paintings? If someone is willing to pay $3 million for it, do you say that's stupid because it just $49 worth of paint and canvas and about 150 man-hours of labor?
This is the "value" high end companies are in business for- it is more than just tubing, bearings and wire. It is a type of art and engineering that is priced at a point people are willing to pay.
Someone looks at a tonearm and says that is just $xx worth of metal, plastic and wires, no way! Someone else appreciates the quality of music it can create and plunks down the money. To each his own.