Agreed! I'd be hard pressed to make it for that money. If I wanted to make money anyway.
If you team up with somebody the price drops pretty fast though. If you make two at the same time they cost $50 each, three $35 each and so on.
You can opt to powder coat, anodize, bead blast, etc for a little addition in cost too. I chose 6061 grade aluminium, but they also have steel, brass, titanium... I think even silver or gold if you want.