Yup- you're missing a couple of things.
First off, this is a professional lens. People like compuwar and ClixPix here on this forum make their money shooting birds. A $4000 investment is not that much, given the wide aperture of this lens, meaning that they would be able to get shots that they would otherwise miss (eagles tend not to pose).
The idea of the fixed focal lens is that it is sharper, and that it bearable, weight-wise. About a year ago Sigma introduced an f/2.8 zoom lens that went up to 400mm. The thing was as big as a bazooka. Having a 400 f/2.8 prime, on the other hand is something you could lug around, with the aid of a monopod of course.
If you were to look at the Canon lineup of lenses, the longest zoom lens (that is widely available) is the 100-400 f/4.5-5.6 (Nikon has the 200-400 f/4, for about as much as the 300 f/2.8 prime). Now think about how much better it would be to be able to double the light that your camera sees, and being able to shoot at f/2.8, instead of f/4 at 300.
So to summarize, larger apertures at bearable weight, less expensive than the zooms, sharper (by a lot) than the zooms, and while it may seem like a ton of money to you, for some people, these lenses are the tools of their trade.