You're correct though that the ingredients are (likely) the cheapest components of making the pizza.
It's like going to an italian restaurant: never order the Pasta special. That's their highest markup item. Noodles (in any form) are incredibly cheap. Talk about markup!
It wasn’t all the overhead as you point out, just the cost of the ingredients vs the actual price of a slice or pie. It was pretty darn staggering. His point to me was that you have to really mess up somewhere not to come out ahead selling pizza.
Freegards