Earlier quoted context omitted.
I think this follows Elons pattern of being able to find areas where the fundamental technology has advanced and is available, but the integration and step up to a new level hasn't been invested in yet. I think the Boring company basically made more efficient custom built tunneling equipment.
Musk never learned that most of the cost of subways is the stations and supporting infrastructure, not digging the tunnel itself. Musk has not proposed any improvements to the expensive parts of tunneling.
Simply using private funds without numerous contractors can decreases costs by an order of magnitude with no technological improvements.