This is more like fad economics (Furby) than anything else. They're buying time, not product: they want this particular thing, and they want it now, thus they're paying to have it now. This is slightly different from things like superbowl tickets (you won't get Superbowl 50 tickets next year; the supply is time- and space-limited) or Roman coins (you can get them any time, but there are only so many in existence).
I have a theory of scarcity which covers that human labor time produces all things, but things don't scale infinitely. The easiest example is food. When you run out of arable land, you start using more fertilizer and irrigation for smaller yields. Each 100,000 more people added to your population requires 2,000 working to make food until then; after that, you add 100,000 more and find you need 10,000 working to make food to feed these new people. You of course have to pay the wages of those 10,000 people (in most basic terms, they must at least have the means to survive); and, in societal wealth terms, you're short 8,000 people working to make other things, so now there are slightly less products (cars, running water, coats, iPhones) available per person, and so society becomes more poor (this mechanism creates scarcity pressure to slow population expansion).
It works the other way, too: the familiar economy-of-scale descends from fixed costs. To stand up a new fabrication facility, I'd need hundreds of millions of dollars; if my target market is small, Intel can fabricate the chips cheaper than I can, as they have existing capacity. Small markets with low demand, thus, experience high prices. (Subjective Theory of Value explains this by saying people pay what they perceive to be the correct price, and handwaves away market influences; it was created to explain why diamonds are so expensive if they're so plentiful.)
In context, we basically have low-demand scarcity: competitors aren't sure of the demand in this market and don't know if they can compete with a clone device. They *do* know the cost to start manufacture and the cost to market the new device would make it initially more expensive, as well as risky. Thus they currently see a low-demand market where they're not 100% certain of profitability and can't enter with low prices intending to catch up on the initial cost and turn a profit after shipping several million units. It's between apartment markets and semiconductor markets in nature.
As I said in the beginning: this is a temporary situation, and the people paying high prices are trying to buy a non-scarce product before its production is rolled out. This is a product which we can foresee a high supply of--give it a few months, most likely--yet people want it now. Fad economics. Wait a few months and you can buy all the Furbies you want.