Probably some of both, but 11k is extremely reasonable for this. If I understand correctly, it has 3x complete subtractive synths per key (not just 3 oscillators into 1 filter) x 49 keys. A typical analog polyphonic synth has maybe 8 voices.
The comparison is more like bulldozer vs. car than BMW vs. Toyota - entirely new capabilities are unlocked
I want to say I agree, but since this is 50 year old tech, wouldn't there be newer mass produced products that do the same thing at a fraction of the price? Even if purely analog it would benefit from economies of scale, miniaturization, etc.
I'm not a synth designer or analog IC engineer, but from my limited knowledge:
Most polyphonic synths use individual chips for the main building blocks such as voltage-controlled oscillators, filters, and amplifiers, such as https://www.cabintechglobal.com/as3350-smt. Those are simple analog circuits, but the specific designs that work for synths are not really useful for anything else, so they are a boutique and expensive (relative to complexity) chip. Using those: N chips per voice x 49 keys x 3 voices per key = 147*N expensive chips.
There are also some "whole synth on a chip" available like https://www.cabintechglobal.com/as3394-smt at ~$10 each. So best case is ~$1.5k in chips alone for the core of this synth. Some other support circuits are still needed. Then $$$ for big PCBs and a big, noise-free linear power supply.
But even if we could drive the electronics costs down, that doesn't affect the per-unit cost of front panel controls, keybed, or the wood cabinet. Nor the per-unit cost of manufacturing labor, packaging, logistics. Nor the per-project cost of R&D and manufacturing tooling. All of these scale with size and complexity.
So it's no different from other specialized goods - the price gap relative to the "good enough" baseline will always be more than the performance gap suggests because the specialized version inherently sells fewer #units and cannot activate the same economies of scale.
The 'current'? They sell out since Korg started this convoluted order "process", wbich isn't even one, since you hear conflicting things in different countries from the 'distributors".