The device must cost a couple of dollars (at most) to manufacture, and I highly doubt the development and service costs add up anything close to the amount they're being sold for, so is the price simply what they can get away with?
Security-wise, how does this compare against a (free) phone-based 2FA app (be it TOTP or network based)?
I'm not against paying the real cost for a product/service, but this seems to be one where it doesn't add up.