Interestingly enough, it's actually not as padded as it seems. While the update itself may only take an hour or so of time, there's a few hours of communication/procedural overhead baked into these things:
- Receive a project brief - Align with client on the contents of the brief - Provide estimate and get sign off (potentially before the brief, if this is repeat work for an existing client) - Do actual work - Client review of work - Revisions. Usually incredibly minor nitpicking, but virtually always requested. - Final client review and acceptance
Whether the work takes 30 minutes or 30 hours, that procedural overhead is standard in BigCo marketing departments, and creates a price floor of about $500 since even the tiniest requests end up taking several hours of total effort (communication/procedural stuff + actual work). If you're engaging an agency instead of a freelancer, that floor jumps to about $1,000 as the entire process gets facilitated by an account manager + PM, so you have to add in a couple hours of their time as well for the procedural/communication overhead.
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Not to say that's a particularly efficient process, or that it should be that way. But figured I'd share that perspective, since I initially reacted the same way you did when I saw those estimates for stuff that should have taken a trivially small amount of time to accomplish.