What you're saying holds true for a strong market, strong demand but it's still ass backwards, the cost of production dictates prices because it's a competitive market, the cost of production has been driven down. That doesn't exist in PoW crypto, the cost of production adjusts to meet demand while the volume of production remains unchanged regardless of demand.

It's a very weird set of market dynamics but those dynamics never get genuinely tested because it's a very weak market, genuine need is practically non existent and you can see that just by looking at what leads those markets, there's practically zero interest in more optimized and cost effective products.

If you want to criticise the excessive difference between MN rewards and their running costs then go right ahead, I'm in full agreement but please don't do it with some twisted "we lost money this year therefor we all got richer" accountancy logic. Those excessive profits shouldn't exist in a healthy and competitive environment and even if that environment existed the collateral requirement would prevent it from reaching any kind of equilibrium. Hell, even the name "Masternode" gets my goat because it implies every other node is a servant/slave and why would anyone want to use a network that clearly only serves to make a few thousand already wealthy and privileged individuals richer?