I think the bigger companies like Yubico are probably now doing runs large enough to be able to compete with many other consumer electronics. So far as amortising R&D and strait manufacture costs. However they have very high marketing costs as it is harder to explain to the non-Hacker News crowd. They also have little competition, and a high perceived value so are probably slightly price inflated. As a value proposition I am very happy with mine, and the ones I have given my family.