I saw receipts from a major bike manufacturer who gets their frames made in taiwan (like most other companies). Won't name names.
It was something like $600 for a top end model they sell for $4000+
I honestly think Cervelo is just selling those components at prices they are able to buy from Shimano, Fizik, DT Swiss, etc and not making a dime on them. Full bikes are just there as an option cause some people would never buy a frame to build up a full bike.
$3700 makes sense to me considering above.