Yeah it's kind of ridiculous, but not as bad as .22WMR's baby brother, the .17HMR...
One part is the sheer volume of LR that is made, compared to the volume of WMR that gets made and sold annually. Far more competitive in the LR arena. Less demand=less throughput through the factories= less availability and higher prices.
Add the cost of a jacketed bullet, to the equation, for the WMR.
Now add in the cost of an actual, name brand .17 caliber bullet. If you can get those for less than $20/100, share a source !
The .17Mach2 and the .17HMR both suffer from that particular cost.
It's not just about the brass and powder by any means.
Never gonna be as cheap to shoot anything, like the .22 Long Rifle is cheap to shoot.
The HMR and WMR ammos ARE reasonably priced, for the performance they offer. Reload a Hornet (about the closest CF ammo in performance) with jacketed bullets and do the math. At $4 for a hundred primers, $20 for 100 bullets,more or less on average, and say, 10 grains of powder per case, roughly, so say 1/7th of a can of $40 powder, say, $6. That's $30 (padded upwards here) for 100 rounds, without costing in brass. If you don't need the performance, stick to Long Rifle. If, on the other hand, you want a little more snot out of it, and don't want to reload either, the WMR starts to look a lot more like it's reasonably priced.
Cheers
Trev