There's other things you can't necessarily see.
Better metal quality in the bolt and barrel = enhanced reliability in more abusive scenarios.
Not every added accessory is created equal; there's a bunch of difference between an el cheapo drop in two piece round profile railed forend and a Daniel Defense Lite Rail or LaRue rail.
There's some things that are pointless places to spend money. A $300 billet lower receiver isn't going to perform any better than an $80 forged one (assuming the forged one is to spec). However, that $160 bolt carrier group with the Carpenter 158 bolt that's been HP/MPI inspected and had the gas key screws properly staked in is easily worth the extra over that $120 one that's none of those things.
You don't need to spend $1500 to get a good AR. You may not even need to spend $1000. But the super low cost ones likely did cut some corners somewhere. Not every corner matters (a commercial receiver extension isn't that big a deal vs. a mil-spec one), but some do.
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