Yeah, basically a short action .270 magnum at 80,000 psi, with a stainless steel belt on the base of each cartridge.
Not cheap to produce, I’d guess.
I've been much annoyed with the 5.7x28. My wife owns the original FN version. I waited for the Ruger. Either way, the ammo has become prohibitively expensive. My Ruger is still NIB, unfired. There is some "glue" involved in manufacturing 5.7x28 that makes it more expensive.
I recently saw a Youtube video on a new 4.6x30 round that is in an all brass case. Cheap to manufacture. It is offered by HK
PDW ROUND COMPARISON 5.7X28MM VS 4.6X30MM