Lego is branding, curation and quality bar, though. They're the Apple of bricks (weird sentence).

There's tons of lego-knockoffs and of not even such lesser quality that the difference can be perceived by casual inspection. The set-to-set quality bar is really where it is, especially among their set lines not targeted at children or low-end of market.

But none of those sets have any kind of staying power. There's Expert/Creator/Modular sets from 20 years ago that sell for $500-1000 _opened and pre-built/re-disassembled_. That's all brand power.

So they're less about $/brick (though i know people scrutinize it) and more about price point and brand. Phrased differently, having your brick company race to the bottom sounds like a losing strategy.

Prices are constrained by demand moreso than by cost of production. Lego pieces are expensive because they can be, they still sell, and this is largely due to the quality. As long as the quality moat persists, they can charge as much as people will pay, and--good for them!

That you personally would prefer lower prices does not mean they "should" be lower. Those lower costs of production, to Lego company, "should" mean higher profits, not lower prices, and again--good for them!

Anything that has only kept up with inflation over the last 50 years is cheaper today than it was 50 years ago relative to people's incomes, which is the relevant definition of "cheaper".

Not sure exactly how Lego prices have evolved but, as others have said, Lego is a brand and is unique. Their sale prices have little to do with their costs.