First, water animation is really expensive. Moana also has main characters with long curly hair which looks fantastic and moves very naturally, they must be using extremely powerful computers to render.
Licensing music maybe costs a lot, but Moana actually ordered musicians to create music specifically for the movie, I guess the later is more costly.
They also hire experts on languages and cultures of pacific islanders to be as politically correct as possible (which critics rave about). So, it's kinda marketing. No wonder which one wins the critics' heart.
I personally like Sing far more than Moana. Moana feels generic and trying to hard to be Frozen. Even the main song is obviously Frozen-esque. Sounded too out of place alongside the rest of the more ethnical music.
Sing on the other hand looks cheap by repeating most of the animal models. After a while you'll notice that there are only a very few species. Not only that, but there's only one model for dogs, one model for monkeys, buffaloes, etc. It really shows how they cut the corners.
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