This card is made to replace the Quadro, Basically all a Quardo ever was is an over priced version of what ever the current GeForce card is. But the Quardo was higher priced than this, so they made the Z at a cheaper price point.
Let's say we go along with your point, why spend $1K extra on this over 2 Titan blacks? Why spend $2K extra on 2 Titan Zs over 4 Titan Blacks? Surely a person who can afford $3K+ on a GPU can afford to buy a new case.
This card starts to make sense for scientific research/compute 24/7 over 2 years, where 3-4 of them are
water cooled in 1 chassis and power consumption will come into play which makes them superior to building 2 chassis with 8 Titan Blacks. In this case we are talking 6-8 GK110s in 1 chassis for $9-12K (beastly!), but then hardly relevant on a gaming forum.
From a gaming perspective, it is going to fail at this price:
1) 3 Titan Blacks will beat it for the same price
2) 3 GTX780TI (especially KingPIN edition cards) will beat this easily and still cost less
3) 2 295X2s will crush it for the same price
Those are just some of the better gaming options.
The reason NV put a $1K mark-up on this card over 295X2 is because the key target market are not gamers and hence they can get away with that $1K mark-up for universities, research centers, financial institutions, etc.