Bushmaster's Carbon 15 retailed for about that much prior to the madness- came with a Bushnell Red Dot. Could have easily doubled that price- MAYBE tripled.
Most of the lower and much of the upper is carbon fiber laminate. The BCG, bolt, fire control group, barrel are metal. I have one- not a bad rifle, extremely light, takedown is a little different.
And of course, if anyone wants to confiscate one, you look them straight in the eye, and say "I would be glad to cooperate, but last week I was using my regular carbon remover solvent to clean it, and the whole thing just dissolved right there in my hands...."