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PeterP said..
You pretty much get what you pay for and If someone could make it cheaper, I can assure you someone would.
Although you are mostly right for manufacturing costs (quality is not cheap), the total cost of a board is at nearly three times the manufacturing costs, when you add taxes, distribution and retail fees.
If a board is made for $400 at the factory, you must then add very roughly:
$400 for the distributor (brand, importing)
$400 for the retail (shop and country-level expenses)
$200 in taxes, tariffs, VAT, custom fees...
For a board at thus $1400 retail price.
And these can vary quite a lot without any relation to the quality of the board. Brand that sell direct, or on the opposite, boards manufactured locally can save a lot on the final price.
Even the amount of taxes can vary: For instance, C4 Waterman had their Europe distributor in ... Switzerland, which is NOT in the EU (and has not a big SUP market anyways). So to import to the EU countries they had to go through the customs twice, with the associated costs. So brands can save on these non-manufacturing costs (sponsorhips, demo centers, ...), but also inflate them with no added construction values.
PS: Also boards made in the same factory may not have the same build quality. It depends on the brand requirements (quality of components), how much they want to pay for having enough time allowed to back shape / glass / sand each boards for quality jobs.