The DAC Scam - Almost everyone believes the hype

I do agree with the video on one aspect, you don't need to spend $40,000 on a good sounding DAC.

There is so much besides the chip. Like everyone has said, the power supply and output stage, etc.

You also have the wiring and all the input and output jacks

A designer has "tuned" the dac for certain sound characteristics. Some may prefer warm, even or brighter.

Licensing DSD, MQA, etc has a cost (probably small).

Designing, Testing, Assembly, shipping, packaging, marketing........distribution to dealers who need to make a buck as well.

Plus, don't forget all the freebies to youtubers so they can sing the Dacs praises. 

All the above can add up cost wise.

I believe any component is "tuned" by the designer. So that DAC chip can have it's sound manipulated by how all the other pieces are put together. Power supplies make a huge difference, in my experience as well. Two different car models may share the exact same engine. However, all the things around it (chassis, transmission, etc), will determine any differences the driver my experience.