Are we evaluating product values by their material costs now? That a painting is nothing more than a canvas and some tubes of paints? How about a TV show? Just the cost of the reel or recording medium that it's on?
So what gives this really long number value? Well, in certain contexts, the program it represents may offer some functionality that is desirable.
However, the real question is whether the fruit of his labor is the code, or the functionality.