he is right skins in league, like cosmetics in many other games, are hugely overpriced compared to their production cost.
The problem is that there is simply no incentive for most companies to lower their prices, as there is no guarantee that the expected boost in sales will compensate for the loss of income per skin.
Imagine riot reduces all its prices of skins by 50% or something to bring it closer to their production cost, which sounds fairer, but now you need 50% more people that buy this skins to make the same amount of profit. And now you have the think about how many different types of consumers you have, and if your new approach sounds reasonable under these conditions.
There are people:
-that never buy skins no matter how low/high the prices are
-people that buy a lot of skins already even with high prices
-people that only buy skins now and then
-people that only buy skins for their mains
And now remember that your loss in revenue by reducing skin prices is guaranteed, while your expected boost in sales is uncertain. There is only a small chance that the rise in sales will outweigh the reduced prices and your aim is to make more profit than before, because just going even wouldn´t be worth the risk.
And there you have it. This is why we can´t have nice things for reasonable prices, because no matter how high these prices are enough people are willing to pay them anyway.