Isn't it a little reductive to look at basic infrastructure costs? I used Hetzner as a surrogate for the raw cost of bandwidth, plus overheads. If you need to serve data outside Europe, the budget tier of BunnyCDN is four times more expensive than Hetzner.

But you might be right - in a market where the price of the same good varies by two orders of magnitude, I could believe that even the nice vendors are charging a 400% markup.