Why is HiFi so expensive?

I've been hearing a lot about HiFi audio systems lately, and I'm curious about why they tend to be so expensive. Could you help me understand what sets them apart from regular audio systems and why that translates to a higher price tag? Are there specific components or technologies that are used in HiFi systems that drive up the cost? Or is it simply a matter of brand name and exclusivity? I'm eager to learn more about the intricacies of HiFi audio and why it commands such a premium in the market.