Yes, the Rem700 has always been a price point rifle, meaning that cost to manufacture was really low. I used to buy stripped short action receivers for $53 and bolt bodies for slightly more; all in to start a build on the action was around $120 or so.
The retail price of rifles from Remington was considerably lower than all the competition, which is what led to the popularity, not the quality, features, and so on. Based on shear numbers out there, just like the Rem 870, Ruger 10/22, AR15's, Glock's, is what has led to mass adoption by consumers. They're cheap, parts are cheap and plentiful and one can buy the stuff anywhere.
Editing to add, the Rem700 is also easy to copy

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And,
@carbonbased, s
o help me, if you bring up the LS vs Coyote debate....don't even....Coyote all the way.
MB