I touched on why memory was precious, but I will expound. In 1974, semiconductor memory was in its infancy. At that time “core” memory was the norm. Core memory cards consisted of a loom of intersecting wires. At each intersection, two tiny wires, one vertical and one horizontal went through the same tiny ferrite core which was a tiny ferrous metal ring. If both wires were flowing current it’s core would be magnetized, providing one bit of memory.
The manufacture of these cards was by hand and very time consuming. From time to time one would fail and they would actually go in and repair the card. Maybe wires had shorted together or who knows. The 4K memory cards cost thousands to purchase and were extremely costly to repair.
Although we thought we were in the space age, and we were, the technology of that time as compared to something like an iPhone was so primitive that comparing what we had then to the incredible semiconductor technology of today is probably like comparing using a Water Buffalo for personal transportation as compared to a new Ferrari.