Probably because it was made before the concrete Item Creation formulas or something.
There's a lot of items like that.
What footnote are you talking about?
As you say, it is not priced by the magic item price formula.
And in my opinion it makes sense in this case. While it is a great spell, freedom of movement is a rather circumstantial effect. While it is a continuous effect, you are not going to be using it each round (or even every day), so the lower price is in order.
Lots of item prices come from 2nd edition. And don't forget that Rig of FoM is an item almost mandatory for melee combattants when they start to encounter big creatues that can grab, swallow and contrict. With the price calculated by the op, it would only be available at very high levels.
Owner - D20 Hobbies
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4th level spell, CL 7th, continuous effect, 2000*4*7 ... 84,000gp.
So I'm wondering whether I am misunderstanding the magic item pricing rules.
Maybe not.
Items are priced in this order:
Similar items (none available)
Similar power (Ring of Evasions and other similar power items)
The formulas are always last resort things. For example, ring of invis doesn't use the formulas. It should cost 12,000 gp but is increased to 20,000 gp.
What footnote are you talking about?
The one at the bottom of the chart for custom crafting of magic items. In this case it is footnote number 2 that references casting times of spells and the multipliers for the cost of the item.
Custom magic item creation is more of an art than a process so the chart is not the end all be all of the art/process.