Looks like very little bespoke parts - the front pork pieces, that's some worker feeding pipe stock to an expensive machine after punching a few numbers for $10 an hour. The wheels are commodity, can't imagine the BOM for something like this is >$200. Competitors are other western companies charging even more exorbitant prices, they managed to charge less which is great. But that doesn't mean the cost is not still overall absurd for what you get. Maybe reasonable American manufacturing prices, sure, it's a good value product. I'm not familiar with the machine, but I've priced out bending aluminum pipes for various architecture details and fitness equipment and per piece price is peanuts in Asia compared to fabricating in NA.