Left for dead in the 1980s, vinyl records are now the music industry’s most popular and highest-grossing physical format. Getting them manufactured, however, is increasingly a challenge.
~ https://www.nytimes.com/2021/10/21/arts/music/vinyl-records-delays.html
Seventy dollars for new LP somebody is getting ripped off.
I agree the prices can be excessive. There's always some degree of classism and elitism no matter what it seems. Vinyl also seems like a perfect fit for this type of marketing. Limited runs, consumable, and artsy; perfect for collecting and even hoarding. There's no doubt that some people are more into collecting vinyl than listening to it. Also, I'll occasionally buy two limited edition or first editions, keep one unopened and sell it later to recoup some of my 'investment'.