In the end, it's about what is considered a "value" for the purchaser. Believe it or not, not everyone who buys a gun is a tightwa..., er, "value conscious" gun enthusiast like we here, with our C&R permits, "hookups" with FFL holders and a stack of Shotgun News magazines sitting around to compare prices to.
The whole thing is based in a principle of Market Economics called the "Rule of the Greater Fool". Other names used for it are "buy low, sell high," and the "Law of Supply and Demand". It goes something like this:
"I have this thing that I want to sell for which I paid $xx.xx. I will charge more than I paid for it and thus make a profit, of course. However, as long as I can afford to wait for the right buyer, or to get lucky or for the market to escalate (or any of many other reasons) I can mark it WAY up and bide my time... awaiting a Greater Fool, who is willing to buy it for my price."
Is it obscene profiteering? Some say yes, and were it plywood being sold at thrice the price in advance of a hurricane, I'd agree outright. However, this is a gun, a luxury item, and there are those who pay the overheads and wages and insurance and licensing fees to offer that luxury good and so see it as justified.
Personally, I denounce it as somewhat excessive. But, our opinions matter only little, as someone will very likely come forward to purchase the gun, for whatever reason motivates them. "Value" is seen differently by different people, buyer and seller.
Cabela's is banking on it and probably has data to support their pricing - surely based, in part, on the fact that a Greater Fool has paid the price for like items in the past. So goes Market Economics...