My understanding is that there's more data processing required with cameras because you need to estimate distance from stereoscopic vision. And as it happens, the required chips for that have shot up in price because of the AI boom.
But I think costs were just part of the reason why Elon decided against Lidar. Apparently, they interfere with each other once the market saturates and you have many such cars on the same streets at the same time. Haven't heard yet how the Lidar proponents are planning to address that.
How does Waymo handle it now? There are many videos of Waymo depots with dozens of cars not running into each other.