The problem isn't the pricing vs the components. The problem is with the target audience. This is the classic issue with Mac Pros. Who actually needs what this thing contains, at this price point? What sort of home user needs a Xeon with dual Firepros? What sort of business that ACTUALLY needs setups that contain Xeons with dual Firepros would turn to Apple to provide individual units for them instead of just coming up with their own solution and building it into server racks, rather than purchasing a ton of these weird cylinders?
Apple, as usual, is marketing high-end hardware that is truly only suitable for business solutions, to mainstream consumers. The way they package it makes it unusable for businesses (imagine a room full of 1000 of these things) and the hardware included is pointless for the vast majority of individual users. It's a vanity item, nothing more.