Another part of the discount is that Claude Max 20x is $200 but gives usage equivalent to thousands of dollars worth of API-based token spend.
But also, resellers only need to make an overall profit including kickbacks from the companies purchasing token history for distillation.
It's also unclear wherever the subscription price is the real cost, or the API.
I suspect it's closer to the sub price and anthropic is just milking their API users, but that's something you'd only know from the inside