I can confirm what you and _wldu are saying and yes, the latest project is
https://solokeys.com/v2 and is launching end of this month.
From an economic perspective, unfortunately, it's really hard to focus on reducing the cost, there's simply no incentive.
First, consider that the biggest cost in the customer getting a security key is basically shipping + packaging. Imagine a key that costs <$3... even packaging with a polybag + printed label + padded envelop gets to a cost that has a significant % of the production cost.
Next, it's features. To stay on par with competition, people expect the same features (see, e.g., openpgp mentioned above - the code currently doesn't fit in the stm32l4 flash), both firmware and hardware. As a result we have to look at the latest & greatest micro, but of course that alone has a significant cost.
And finally, there's the overall viability. We all know that open source projects die without a business model. The numbers in the U2FZero review simply don't add up, that was clearly unsustainable and that's why we made SoloKeys. A business has expenses other than manufacturing and if you don't account for that, the business dies together with your dream project.
Anyway, thank you both (and all others) for the great support. One step at a time, we'll get to a stronger and eventually also cheaper product!