Allegedly the Qualcomm Snapdragon 8 (Oryon acquisition) Gen 6 SoC costs them $300 per device..

Bunch of fancy cameras (same as every other flagship smartphone) and following the unwritten "thou flagship shall be expensive" rule that has little to do with silly things like hardware cost.

Somewhat surprisingly, Lenovo/Motorola here has some of the more affordable mainstream phones (200€-ish for the G56), beating other Chinese brands that played around tiny margins and got hit even harder by memory prices now.