It's just common sense. Businesses do what they have to for the results they need to stay in business and try to grow. They don't do extra that costs more to get the same results.
So in a nutshell, every industry (including the camera industry) manufacture their products with the least amount of cost and sell them at prices that reflect their manufacturing cost. Take the Nikon D3200 for example. It has 11 elements in its lens assembly (that should be an excuse to say they are spending so much to manufacture their products), but if you look at this camera and the lens assembly in its entirety their housings are made of plastic (including its built-in flash unit). And the camera with its lens do not come cheap either: This camera's body with its lens costs $449 before taxes and they are made in countries where labor is cheap. I don't think this price really justifies the actual cost of making this camera.
You're right. $449 doesn't justify the actual cost of base "manufacturing" of the camera.
Lest not forget,
The train/truck driver driving the truck full of cameras to the shipping yard and fuel/vehicle depreciation/usage costs,
The BIG Boat carrying container full of cameras to the various markets .. the cost of shipping and the cost of manpower for the shipping.
The cost of manpower to get the product from the receiving distribution location to the truck/train.
The vehicle cost to get from a local distributor to the end retail store.
The cost of manpower of the retailer to stock the camera (and their livelihood).
The profit for each organization in that supply chain.
The Profit needed by the manufacturer to continue to invest in Research & Development, new tooling, new designs, testing and the people that work there.
The cost of each component in the aforementioened supply chain for the companies and people involved.
Base manufacturing excluding all of the above, I'm going to wildly guess, would be around $125. But should I include the labor costs of the assembly line in this, electrical costs of running the plant ?? What do you define as a "base manufacturing cost" ??
But then, how would you get it from the manufacturer to your door ?
And how would the manufacturer keep the distributions channels open if they did not sell it at the plant for the same retail price? When mailorder became prevalent and then the manufacturers started selling at their own website for discount there was a backlash from retailers who were then competing on price against the manufacturer. I recall that happening against multiple industries years ago. It wasn't pretty. Retailers STOPPED selling the product because they couldn't price compete against the manufacturer ... they stopped selling for discounts unless the retailers were also allowed to and provided a supply chain discount too.
But the $449 price does justify the entire development/ supply chain of the camera, plus competitor price points.
Think of it this way ... how do you support your hourly wage valuation analysis?