Well, there's a fair amount of handiwork put into that piece of leather. I know what you're saying, but for a handmade piece of craftwork . . . $50 seems reasonable to me.
It's like boots, I guess. There's nothing wrong with a pair of Justins, but if you're looking for artisanship, Lucchese can provide it (at a higher price).
I bought the DeSantis holster because I perceive it to be a quality product that performs outstandingly. It's not the cheapest pocket holster, but I felt the extra bucks were worth spending because - for me - it does an excellent job of holding the gun (concealed) in the right place in the pocket.
The handmade Hedley product seems like it's an asthetic step up from the utilitarian DeSantis holster: prettier, thicker leather, etc. I wouldn't be surprised if it worked a little better, too, though I'm sure it doesn't work twice as well (and it is almost twice as much $ as the DeSantis).
I don't know: I think $50 for a handmade holster seems reasonable.