I believe, they (Netflix) as a streaming company doesn't have the equipment for the shooting. So, a pretty good part of the budget for every production goes to that. And the second reason, perhaps for the actors. Superstars
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As tough as it is to believe, the actors rarely constitute a massive part of the budget. I mean I am sure the two mains got millions each but when we are talking about $300 million plus, this isn't a big part of it. CGI is expensive sure, and when basically the entire film is one long CGI-fest that is going to cost a lot. I still think the numbers are inflated though for some sort of taxation reason. How else can you explain how Japan and Korea are able to make kick ass films and series with very convincing CGI for a fraction of the budget?