Okay after 10 minutes research I've figured one thing out. The Wiinja isn't really a mod chip at all. That's not to say that it won't work. Look at this picture:
See that so called chip. Well all it is is a 12c508 IC. Not really a chip at all but an IC.
Now I seriously doubt that the Wii's security could be defeated by an intigrated circuit. This is the same IC used with the Playstation. So unless Nintendo has went back with their security by about 13 years, I say Bullshit.
Plus if it is real, thirtynine Euro's for a one Euro chip. You must be joking
I think the rest of the money went towards the pretty box and the printing of the sticker and the little cloth. Maybe the cost will also factor in a manual or something. The rest is just profit.