BTC is incredibly overvalued. if you value Bitcoin as much as the cost of the labor it takes to create one, then it should be worth a lot less.
The cost of labor (and other inputs) obviously affects prices, but there are many other factors. The main one being if anyone is interested in actually paying the amount in question.
It doesn't matter how much labor it took to make something if no one wants it. On the other hand, if others can't produce a comparable product and there is significant demand, then the price may easily be much higher than the cost of the inputs.