I mean, bose is known for selling cheap devices as high end for the past few decades. It's not uncommon for the BoM to be ~10% of the final price.
That being said, they absolutely excel at noise cancellation, and that's because their core market is airmen, Bose is used almost universally by pilots for their in-flight headsets. It's where they make their actual money.
They don't have much of an engineering org anymore, they're just a marketing brand that white boxes contracted out designs.