With easy to use editors (e.g. easyEDA) and cheap and fast PCB production/assembly (even for small quantities), there is no reason to use overized MCUs/mini computers like the Pi and expensive modules e.g. from Adafruit.
Also, BOM components selection is key. For the same functionality, e.g. a multiplexer there are many different chips available -often at very different price points. Availability in times of chip shortages are also key to keep an eye on.
Technically this product is very simple and the BOM costs they had were a magnitude too high. Too bad because it seemed that the market was ready and they could have become a very successful business.