Producing a hardware wallet now is way cheaper than 10 years back.
Yeah ledger is holding the monopole but they invested most money in marketing...
Yet in the same time materials and microchips needed for production are not easy to find and they are getting more expensive due to this manmade global crisis, so it's not all black & white like you say
That is why we can see almost all hardware wallet increasing prices, and global inflation is probably highest we had since WWII, not by accident.