I don't think Glass is expensive to try and turn a profit, after all it's not like they need the money. I think Google only want people who *really* want it to buy a pair, so price it accordingly.
It's a long way from being a consumer ready device, you can't even fold the arms and put it in your pocket. Also, the cost of the components is only one aspect of pricing strategy. The R&D and man hours going into the project must be costing a pretty penny. Glass updates are fairly frequent and the level of interactivity with the community from Google is high, and all that comes with a cost attached.