I think the fallacy here is that you extrapolate the things you mention to 'millions of dollars per product'. I don't think its ridiculous logic to attach a premium to your 'market value' based on how much (time, money) you invested in your education or side projects, and I also don't think it's ridiculous at all to account for equipment cost and travel expenses to determine the cost of (for instance) a photograph. In fact, I think it's perfectly normal, and I assume the similar logic was used in determining the price of about every product or service I buy. Usually costs like these are amortized over a large range of products ('photos', to stay with your example) and/or a large number of sales, so the numbers don't add up to 'millions of dollars per product'.