In addition to what others have mentioned, a $200 steak is probably -- hopefully?! -- dry-aged. Something like 1/3 of the weight is evaporated away during dry-aging, so that 16oz steak was originally 24oz. There's also loss to trimming, which is required due to both a desiccated crust and fungal and mold growth on the surface. And it is typically a high-grade beef to start with. And it's time intensive.