Because it is a custom ordered ring. These things aren't mass produced. Most things that are ordered individually are expensive. Mr. Boone has invested thousands of dollars in the machinery that makes these rings. He doesn't just buy Ti. pipe and cut it to width, he starts with Ti stock and hollows the middle till the thickness is correct, then gets the width correct and cuts it, plots and drills the holes, rounds the edges of the ring and holes and then poishes it up. These rings are hand finished also.
He could make it out of SS but it would still be around the same price. Why? Because he has to pay off the thousands of dollars he has invested in his equipment, his house, car, bills, etc. Anything custom is going to cost you.
I can buy a Jag balisong for $30, does that mean that Dobruski is crazy for charging $250-$400? DDR gets anywhere from $450-$6000 for his balisongs, and quite a few people in here have spent quite a bit for a balisong. Why? Because it is a custom order, custom makers spend days-weeks on each knife, and they have to pay their bills in that time. A major company can mass produce knives at 50-100 or more each day. Less time invested and more quantity means less price.
Go buy a standard thumb ring at a surf shop and you'll spend from $10-$20. Then compare the quality with a Boone $95 band. The cheaper ring isn't completely round, isn't comfort fit with a smooth edge. The groves in the $10 ring aren't symetrical when they should be and the ring is often not "finished" how it comes out of the machine is what you get.
Remember, Ti is hard stuff and takes different tools to machine than cheap steel or gold or silver. As I recall, most gold/silver rings are cast, not machined. Machining costs more and allows you a more perfect product. If you don't like the price, don't pay it and get yourself a cheap ring and try drilling some holes yourself.
Let me finish with this: If you think Boone is too high with his price, go shop around for Ti rings on the web. Boone is the cheapest I've seen. Even though he wants $200 for the ring, I asked several other companies and even one Jewelry maker on the forum. They all wanted anywhere from $400-$600 to do it.
Go look for the Luna ring at
http://titaniumera.com/specialstyles.html and see how much they want for it since it's a similar style.
Check their main page and see what they want for just plain bands
http://titaniumera.com/
One thing I just noticed is that they have a price match guarantee. They will match the price on similar rings and deduct another 10%, why not try asking them?