"Usually ,in electronics products are priced around 3.5x of their components costs, with most of the cost difference going towards marketing and offline retailers" - That's a tad inaccurate. The cost of components is just one cost the manufacturer has. You've forgotten all the other costs around labor, overhead, sales and marketing, storing and moving product. THEN that manufacturer needs to actually post a profit and thus sell the good at a higher price than the costs of its components and sales and marketing/G&A etc.

I think Google's online model only with no advertising would be a cheaper go to market than the traditional way. But no where near the degree you imply. To the point, that isn't responsible for the price difference alone. This phone was being subsidized.