If you transact on Lightning network, it's much cheaper still.
Bitcoin went through a period when transaction fees were very high, and wait times were unreasonably long. During this period, they essentially lost all their users who were using Bitcoin for retail-type transactions: moving money across borders, sending payments to friends and family, making small illicit purchases, paying sex workers, etc.
Some they lost to Monero and other altcoins. Some went back to traditional finance. Some went to new non-crypto fintech. Those people did not come back to Bitcoin (they may have held some, but no longer use it for transactions).
The lower prices now reflect not only that some of the issues were resolved, but also the vastly reduced demand. Today, the vast majority of flows are related to speculation, or the use of Bitcoin in other parts of the crypto economy.
Anyway that just makes my point even stronger.