I have every confidence what you say is true, but you seem to be answering the question, "Why does 480 equipment cost the manufacturer 2x more to make?", not "Why does 480 equipment cost us 20x more to buy?"
The answer is marketing. Manufacturers set the price disproportionately higher for no deeper reason than because they can. There are thousands of buyers and dozens of sellers, so buyers have little or no power to influence the transaction price. The manufacturing cost has NO influence on the sale price. (except for creating a perception of greater value in the buyers' minds and an opportunity for the manufacturer to raise it)
All this chatter about the physical characteristics of 480 equipment completely misses the mark.
So if we ignore physical characteristics and just look at the economics, I'd still have to disagree.
Yes, a manufacturer will absolutely sell something for as much money as people will buy it for. But this is not a monopoly situation: there are MANY manufacturers for 480V gear. Therefore, the market is in control of the pricing, not the manufacturers.
All else equal, a rational market will buy the cheapest option that suits their needs, which means the manufacturers will be forced to compete with each other to provide the best solution at the lowest price. This will drive price down to an equilibrium point where it naturally stabilizes, and that point will be where manufacturers are no longer able to lower the price and still make money.
This is where the manufacturing cost absolutely influences the sale price. The only way to lower the price further (and stay in business) is to find cost-reduction measures that the competition hasn't figured out yet. Side note: this is where the 480v characteristics discussion is relevant. If someone could get their 120/240V gear tested and approved for 480Y/277V usage, that would result in massive cost savings since they now have a single product that covers everything 480Y/277V and below, yet costs the same as the 120/240V gear.
In reality, not all breakers are created equal, and the market is not always rational, so obviously the price is based on more than just manufacturing cost. But at the end of the day, if the pricing is WAY higher than is justified, someone will eventually exploit that and sell for cheaper to steal sales from the competition.
So with all that said, in a non-monopoly situation, the only way the manufacturers can maintain arbitrarily high pricing is if they are colluding and price fixing. This is anti-competitive behavior and is illegal (in the US at least). Not saying it doesn't happen, but if they get caught they'll be in big trouble.
So going back to other theories visited in this discussion, my opinion is that the 480V gear costs more because a) actual material costs are higher than 120/240 gear and b) volume is likely lower, so your fixed costs (R&D, testing/listing, property taxes, etc.) aren't diluted as much as they are in higher volume product.