The WiFi (& Bluetooth) IC used in the Pi Pico W retails for ~$2.5, and presumably a bit less in volume (considering the Pico W is only $2 more than the base Pi Pico.
Indeed the lowest price $2.551 from Arrow has a MOQ of 5000 but Newark does have it for a promotional price of $2.73 for quantities as low as 1.
It’s not $2.5 but that’s why it was quoted as ~$2.5 in my reply, since it’s in the ballpark.