K2 has much-MUCH-improved optics for the color camera, probably improved for the IR camera as well, and the IR emitter array uses three friggin' enormous LED dies that probably cost a ton, comparatively speaking. Especially since the time-of-flight depth detection tech is said to require rather specialized LEDs due to the ultra-short light pulses it relies on.
I wouldn't expect it to be very cheap, TBH. The motor may be gone, but motors and some plastic gears can be found in any crappy toy and probably cost a figurative penny. The mic array seems improved too btw, and the casing is really big, even bigger than last time around. Fan seems bigger too.