How can you even judge how basic it is just from the photos?

A $10k bike designed for racing has the same kind of components as a $100 bike from Walmart, but every single one of them is far, far better - better materials, higher tolerances, a geometry finely tuned to the rider. None of that is really obvious until you look closely. A rally car looks kind of like a road car, until you realise that it only shares a few body panels - every other component is built to a far higher spec.

Maybe this would be a $200 product if he was mass producing them to the same dimensions. But he's not, they're custom made on order to the dimensions of the user.

I've owned a few low cost Chinese bikes, and while they're OK, there's always parts on them that fail because they're clearly made to be as cheap as possible. If I depended on a wheelchair for moving about every day, I'd be damn sure it was well built and reliable. That's the market he's operating in.