I dislike this statement. Hardware is as hard as the product dictates it needs to be. A 25 component PCBA and a clamshell of 2 injection molded parts is about as simple of a product as you can make. Heck, most people would just buy an off the shelf clamshell for that type of product.
That doesn't work for the vast majority of products, building a product with 20 COTS parts plus 60 custom tooled parts, and 4 complex PCBAs is what is hard. Getting everything to fit together, pass testing, arrive on time from dozens of suppliers, etc. it where the complexity comes in. Then consider that hardware is cash intensive, you need to pay ahead of time for all the tools, you need to pay to buy the individual parts and warehouse them somewhere while you build the products you hope are going to sell. If something goes wrong there, then your expensive parts are just sitting there waiting for replacement components before you can ship. Then even when you ship, that revenue goes into buying the next round of parts you are going to receive in 3 months. This is where many hardware projects fail as they run out of cash before the project breaks even.