I don't think you're missing anything. I see it all the time.....folks think they are saving themselves "big bucks" by building rather then purchasing a grinder, when in reality it is generally less expensive to buy one. Now, that being said, there are two sides to that coin. On one side IF you have the knowledge and skills to PROPERLY assemble all the parts, building your own grinder can be a very rewarding experience. However, the flip side of that is that many who attempt to build their own grinder simply do not realize just how much detail needs to go into the build to ensure its "right". I get emails and phone calls all the time from folks who have built their own grinders, and those machines simply don't "run" the way they hoped. There's a lot more to it then just assembling parts..... Drive, idler, and contact wheels all need to be properly aligned, they all need to be 90 degrees to the frame, and each other, and on and on.
Yes, its a jolt to reality when you see the price of the top end grinders, but much of what you're paying for is that "precision" of assembly. Personally, what I've observed is that many who build their own grinders end up actually spending more (time and money) due to all the time spent seeking and gathering parts, assembling, and then when problems arise, trouble shooting and attempting repairs. I suppose it all comes down to whether a person wants to spend their time building a machine and "tweaking" it in an attempt to make it right (building their own), or do they want to spend the time actually using the machine and making knives (buying a machine outright).
I also think "where" an individual is in their knifemaking journey plays into the scenario too. I was there once myself....just starting out, everything seemed so expensive, and I simply believed I couldn't afford to "buy" the tools I needed, so I attempted to build my own. Now, with 30 years experience under my belt, I have a different mindset. These days when I consider a new tool for the shop, I look at what the cost of purchasing a "ready to go" machine would be, versus how much I would spend in TIME, parts, and assembly....... and consider how long it would take for that particular machine to pay for itself through what I can produce with it...... it's almost always less expensive overall to just buy the machine I need.