https://www.asus.com/Motherboards/ROG-Crosshair-VIII-Formula/
Wonder what makes the Formula do special? I mean i sure its worth more
Waterclock, thermal armor (includes steel back plate), onboard controls, LiveDash 1.3" OLED, water flow headers, and more importantly, an expensive VRM configuration. It's a 16-phase system using 60AMP IR3555's. It specifically shows on ASUS' product that there is no phase doubler either. Meaning, its a very expensive configuration. The chokes are more expensive as are the 10k rated capacitors. All of that stuff adds to the cost. You also have an IC which allows flashing the BIOS without having a CPU installed. The list of reasons why this thing is so expensive really goes on and on. Things like the water flow sensors and LiveDash OLED require additional IC's on the PCB to make them work.
Then you have PCIe 4.0 support and the X570 chipset itself. Implementation is supposedly considerably more expensive than the last generation was.