Probably because it isn't just a webcam. It projects hundreds of IR dots all over its field of vision to help calculate depth.
http://www.crunchgear.com/2010/11/04/what-kinect-looks-like-...
http://www.crunchgear.com/2010/11/04/what-kinect-looks-like-...
Note: I'm not making any statement about the possible awesomeness or lameness of the system. All I'm saying is the parts aren't expensive.