I guess people like the craftmanship, but my uncle, who is a dedicated Carvin fan (he turned me into one as well), seemed to think that their necks and bodies were really something. "You know how they do it?" he asked, "They use machines!"
Either way, you are probably right about them being more expensive, but, for me, the pick guard has never really been that big of an issue. I guess it really depends on your technique, but my current electric (a BC Rich Warlock) has no pickguard whatsoever, and there seems to be no wear (I guess I just don't hit the body when I strum).