Well... I think the price is because of the demand. Fender custom shop is not making too many of these Pinos a year and I think the demand is big. It's one of their most popular custom shop basses. When I was looking for mine I had to wait many months to find one in good price (I didnt have money for new one)... Now there have been many Pinos for sale recently...
Why did I buy it? Well, I wanted vintage 60's p-bass and real ones cost WAY too much for me... And the old ones always have some "issues" and things to check out. When buying a Fender custom shop instrument I know that it has been well made. My bass has been in heavy use for 10 years before I got it, its VERY resonant and works great. I bought it from shop not private seller and had "one week return"-policy if I didnt like it and if there was problems. But, its still a P-bass. I had very nice japanese P-bass but it just didnt have the "mojo" or "feeling" that I like in old basses.