They’re probably made in some cheap labor nation at a cost of around $15.00 per pair. A few years back I read that the high end sneakers had a production cost below $10.00, but there’s probably been some increase since.
When it comes to things like these, the supply/demand/pricepoint curve is inverted.
If they were $40, none of their “target demographic” would want them, because they wouldn’t be a “wealth signal” to their peers.