What you are missing is that the technical part is not the hard part. The hard part is all the rest of it.
For example, here [0] is a link to the 200-page "volume 1" of the federal standards, merely one of a complex web of certifications that these things go through.
One random paragraph is illustrative:
Vote scanning and counting equipment for paper-based systems, and all DRE equipment, shall be able to withstand, without disruption of normal operation or loss of data, electrical fast transients of:
a. +2 kV and −2 kV on External Power lines (both AC and DC)
b. +1 kV and −1 kV on Input/Output lines(signal, data, and control lines) longer
than 3 meters
c. Repetition Rate for all transient pulses will be 100 kHz
Now I am a software engineer, and quite frankly I have no idea whether these are large tolerances which would require specialized equipment to withstand or whether e.g. my laptop would sail through this kind of event. Nor do I have any idea how I would demonstrate compliance with these requirements to the satisfaction of a federal examiner.
And that is what voting machines are. They are checkboxes on a specification. That means that you can buy them with confidence that somebody else's ass will be on the line when they turn out to be awful. The fact that they actually record votes is ancillary at best, the primary feature and the reason for buying them is that they tick the checkboxes.
As to why they seem overpriced, the reason is that it costs a lot of money to have an engineer hook the thing up to his fancy oscillator and write you a report that yes, this machine complies with requirement 4.1.2.6.c, over and over again.
[0] http://www.eac.gov/assets/1/Documents/VVSG.1.1.VOL.1.FINAL.p...