I'm guessing that must be a wireless model to be that expensive?

Among other things, this seems like a good case study in the benefit of having more modular components, especially once you get up into a multi-hundred dollar price range. A wireless headset has extra points of failure that are irreplaceable and un-upgradeable (the wireless receiver, the DAC/amp, and to an extent the PC software that it's exclusively compatible with). You have all these expensive hardware components but it's a paperweight because some wireless chip isn't working properly.

Apple's whole hardware model is laughing in my face, but with headphones you do have options. At least assuming you're not too attached to wireless, because that does force you into having a lot more onboard electronics, and to have it be low latency, it needs to use something proprietary that will only be compatible with the manufacturer's software.