Design? No. Many production models are licensed customs. Many customs do not perform as well as pure productions.
Ergonomics? No. Same as the design, you can spit out 1,000 comfy handles as well as you can spit out 10 if that is your production target.
Function? No. They are folding knives. Folding knives fold and cut. You want to pry, you just need thicker blade stock and a large load bearing surface at the pivot. Knives still won't pry very well, but you can, and for less money.
Materials? No. Like powernoodle stated, same steel, Ti, and G10.
Performance? No. Lock strength, edge geometry, heat treat etc. can all be met/exceeded for less money.
Longevity? No. There are 30, 50, 70 year old knives on the market that still work fine. Their replacements from makers like Case would cost a fifth of these brands mentioned. Heck, they even come in stainless now.
Fit and finish? Maybe, depends on the brand and the model.
Exclusivity? Yes. They are priced out of the reach of most people, for a tool most people don't use (in the primary markets where they are even heavily regulated/banned), advertised in ways most people don't care about (particularly the military/service themes where very few can afford them on government pay scales)
Limited production? Some, yes. Goes with the exclusivity, but also means manufacturing costs are higher per unit, so retail price is also higher.
I personally don't put Emersons at the same level. I do think they are overpriced and don't have the materials & F&F to compete with Spyderco & Benchmade models of the same street price, but they aren't clearly priced in custom territory. I have owned several knives in Sebenza & XM price ranges, but they were all made to order.