The ring is made of 20 ga. stainless steel, in all fairness. The metal alone (would measure about 8" x 70") to make the ring retails for around $55. It's doubtful that an operation that small gets much better than retail pricing on metal. And that doesn't even include costs of hardware, manufacturing, and operations. I get that you don't think it's worth the money, but it's probably not fair to characterize the company as having so much price flexibility.
If I were their founder, I would consider other materials. Though I'm not sure how possible that would be -- with how hot they show the grill at the front, it has to be blistering heat at the fuel source, which limits the available options. Fact is, 570 square inches of stainless sheet just isn't cheap.