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Because it's scsi, it's Ultra3, it's 10k RPM, and it probably has a large buffer. More details below if you're bored or care.
SCSI drives cost more for a few reasons. One is that they're better made (more for business critical apps than the average IDE drive) which is why they tend to carry 5 year warranties where IDE drives usually sit around 3. They traditionally are much faster due to the interface and also tend to have higher spindle speeds....higher spindle speed means higher cost. Larger buffers also lead to the higher performance, meaning higher cost. SCSI drives have their own controlling chips built into them for arbitration and other functions....higher cost there too.
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