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Lowering the cost to produce would require massively scaling production and/or taking a loss (see: Amazon Kindle).
Also, the cheap ones now likely have really low frame rates.
If you want one that's fast enough to be a smartphone or computer screen (and not just an eReader), someone needs to front the R&D money to make that possible.
I mean, people used ed on teletype machines, which didn't refresh at all.
https://www.youtube.com/shorts/EVugOymLn8g
This doesn't look unusable to me.
https://www.youtube.com/watch?v=naWkR6YbKqs
Or this.
I mean, I you're not gonna have a good time playing Quake on it, but for writing text, I'd think it'd be okay.
Those exist, of course. Unfortunately, few work well in the USA networks. I've been pining for one for some time.