They put it in a nice chassis and made a monster profit. This is most likely your best selling Bel Canto - admit this.
Yes and No. Much as I don't want to jump in and defend high priced items.
The reality is that the packaging on most audio gear is the most costly part. Machining nice knobs - a brushed steel fascia with neat details and curves all add significant cost. Veneer and wood work finish is the most expensive part of any audiophile type speaker. This gear is meant to be looked at by a proud owner - and everyone knows the placebo effect - if it looks great then one will be predisposed to expect it to sound great.
For example, in a Benchmark DAC1 the front fascia and knob are more expensive individually than the selected critical components that make the sound.
Bel Canto products look really nice - a very high quality finish - they also probably sell less volumes than cheaper products and that is probably why they cost so much.
It isn't always "monster profits" - high quality furniture with high quality finish costs money even if a chair is still a chair when you sit on it.