Crochet is pricey for one main reason: It has to be done by hand!
Unlike knitting, there is no machine that can replicate the stitching made in crochet. Crochet machines do not exist that can replicate handmade crocheted items because they are incapable of creating the transverse chains that are a definitive attribute of hand crochet. Since a machine that can replicate handmade crochet has not been invented, all crochet items are handmade.
Not to mention the ever-rising cost of supplies; don't forget that inflation affects everyone.
There is an amazing video explaining more in depth on YouTube from Half As Interesting.