1. look at FNAF, he pumped out 6 games in a year reusing code and just adding more and adding new textures so the work is minimal compared to other indie game and he is a multimillionaire, so small amout of work and still made games worth peoples time and money.
2.well seems like it
3.true value can be whatever the potential possessor/possessor of the item sees in it, it can be they just think its cool so its worth that price to them just for the enjoyment they get from owning it.
they can think its a investment and hoping to profit off such item later, making it worth something to them.
but in that since the knife is worth more then what I have been previously talking about (monetary value)
and to answer your question, to me the knife is worth money (profit). hence why I talked value as in money,
an items worth is not just defined by money, only in econ is it, it can be worth more then that but that is a personal thing like I said in number three above.
so they way a knife can be overpriced in my eyes (talking real knife) is if there is a knife of lower monetary value that does the exact same thing, for example if a knife priced at $5 can cut the same stuff and last as long as a knife selling for $900 id say the $900 one is over priced, but what comes into that price tag is like you said, material, how it was made (machines vs handmade) so if you are a person who likes flashy ness and whatnot then that $900 price tag is worth it.
so the thing about cs knifes is the only diffrence is look. so you dont have any other factors to go off of unlike a real knife. and becase of that the value is only what you are willing pay. personally id never buy a cs knife becase yes that is dumb for just an itmes look (for the price) i dont mind paying $15 for a skin that looks cool becase to me and my financial state its worth it to me.
now some personal background on me, i like to gamble, im a money person, i live by the dollar. so for me opening cs cases is like going and buying a scratch off. but I think its better becase of cs gambling sites, if i open skins worth not much and lose money i can go bet them and they try to make my money back (which I have) i've opened around $400 worth of cases total, and i've made around $600 total form cs gambling (not counting my current knife) so this knife to me is all profit it was just a gamble I took spending $50 on cases and I made out good with this $200+ knife.
btw sorry for any spelling mistakes or hard to understand stuff
while yes that is true, vale does own it and can take it away, but they only will if you hack/cheat in their game or people make threats to them or stuff like that (or if steam servers shut down). but while you have possession of the skins you can sell it on sites like OP skins and then convert that skin into real life money if you are scared they will get taken away or locked in your inventory via trade ban or van ban on the game the items pertain to.
so while you dont own then you can trade the item for cash and not have to worry.
and well i would say supply and demand matter at least for cost of itmes, becase the items have chance to drop when you open a case, vavle does not moniter every case and be like ill give this guy this and this guy this. its all RNG on getting a good sking and what that skin will be, they people do know how many of what will drop in said time but still as long as no one but valve knows that supply and demand is there.
and idk if comparing steam items to a digital movie is that great, with a digital move even from netflix you can download it or just record via capture card or OBS/ or just get a good camera and then record it and then own it that way. while thats illegal it still can be and is done. with a CSGO skin the only way to copy it is to trick/scam steam support but then like you said if steam wanted to then can find all the copied itmes and just take them away.