In my view, I think it is because the .22 LR is not deemed a "powerful" round and because it's been around since before 1890, it's a well understood cartridge.
You can go purchase a Marlin .22 rifle for under $200 and have a decently made little game rifle and plinker. In fact, I think if you look at most of the .2LR rifles they are probably well over-engineered for the cartridge in terms of the amount of steel used.
It's precisely because of it's low power rating that most people think it should be cheap to produce. In some cases, they are. H&R, Mossberg and Marlin all make models priced below $180. These no-frills little rifles sort of set the expectations that the .22 LR is cheap to produce.
For handguns, the semi-autos are easier to make than revolvers. But handguns still have a lot more parts and more complexity to build. But most 22's are built on some existing frame size or chassis. I think an extra-inexpensive, mostly polymer .22 pistol could be made for under $215 MSRP and still be a decent value.
But gun companies make little profit on these "cheap" .22's. The cost to produce a .22 pistol depends on the amount and type of materials and labor intensity, not the caliber. That's why the S&W M14 (.38) and M17 (.22) are similar in price. Aside from caliber, the firing pin and counterbored chambers for the .22, they're the same gun.
I see several distinct "camps" of .22 owners/uses.
- The outdoors handy gun
- The range/target practice gun
- The woods/hunting/camp gun
- The match shooter.
The
match shooter will pay big bucks for an accurate firearm to be competitive or comply with the rules. Being competitive trumps price. Hammerli, Beretta's 87 Target and others fit here.
At the other end is the
outdoors handy gun. It has to work and be reasonably accurate. This is for the rancher/rural resident who needs a handy .22 to deal with varmints, pests and to have some fun. For others, it's simply something inexpensive with which to knock down tin cans. The old H&R breaktop .22's filled this niche at one time. Or their Sentinnel line.
The
range/target practice gun is usually of higher quality than the handy gun. It's used to practice good shooting habits, trigger control, etc. It also serves as a good "fun gun" because it's moderately priced. The Ruger Mk-III, S&W 22A, Buckmark all fit here.
The
woods/hunting/camping gun may overlap the range/target practice guns, but will typically be a little more expensive or have embellishments like longer barrels, better sights, etc. Small game hunters will pay over $350 for a very accurate .22 to take game. If one hikes in to back country, one takes a good quality firearm in the event it must be relied upon.
For me, the .22 falls into two categories. The handy gun that is a working tool outdoors. It could be for small critters, popping a large fish or just some tin can kickin'. I didn't want to spend much money so I bought a used S&W 2214 "Sportsman" pistol that replaces the typical "kit gun".
It's like owning the Model 61 Escort's bigger brother (but this one works)
The 2214 has a cast alloy frame, steel barrel liner, steel slide and is reasonably simple. It won't win any match tournaments, but it's handy should a racoon wander into camp or I need to rid an area of tree rats.
But I did spend bigger bucks on the 617. Here the desire was to have a
range/target revolver that emulated the S&W K-frames I own and allow me to practice with cheap ammunition.
S&W 617 10-round .22 LR
This gun can be a tack driver, though I would have been satisifed with 3" at 25 yards. With careful work, I can halve that which makes it suitable as a game/hunting revolver. It's worth every penny I spent on it because it helps me improve my centerfire shooting at low cost.