Right. But $5/month is more than I'd be willing to pay for a personal blog. That keeps me from investing time to try it out for other uses I'd be more willing to pay $5/month for.
Only a microscopic minority of bloggers blog to acquire billable hours.
Hobbyists are pretty cool paying "magazine subscription rates" as a household budgetary line item. All the spouse hears is "I'm gonna spend $30 on my hobby blah blah blah" and that goes by a lot easier than $60.
Also, don't ignore the value of "choosing" the best customers -- those willing to pay, and willing to dedicate some resources (exemplified by paying a premium). If you build a good "community" of users, they will affect new users later -- by being an initial majority.