yes, based on its components it could be cheaper.
However, it requires the company to have 24/7 satelitte time and 24/7 human employees... worldwide.
You don't pay a monthly fee for an EPIRB. They need the money for 10+ years of service up front.
An EPIRB is registered to a VESSEL. You can't rent them out for a day to different vessels.
The registration is important so they know who they are looking for and who to contact about it. The registration is renewed every two years.
A PLB is registered to a single human being. Also can't rent it out for a couple hours...
I own an EPIRB (bought it for my 26 Grady for canyon fishing) and a PLB (bought it for my V20 when running to mid range tuna) and an InReach satelite text device
The inReach is $300ish and requires a monthly fee. You can get a flexible plan that lets you turn off monthly payments for the winter.
If you routinely go out of cell tower range(7-10 miles from shore), I think it is a "must have" and a better solution than a PLB/EPRIB for a smaller boat like a V20.
You can tell your wife "i'm staying out late" or I'm on my way in. It has an SOS button too.
You get to USE it whereas you never want to USE a PLB/EPIRB