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Very good question OP.
I think the main reason is that publishers is treating the digital media like their traditional market model. If consumers get used to the idea of the actual initial product costs being disgustingly low, compared to what we actually buy it for, it'll be very hard to return to a higher price point and the potential profit associated with it.
When you have a growing market like this, it's all about consumer habits. A lot of book reader suffers from a form of Stockholms syndrome, where they beyond buying the product places an ethical value in supporting the author, unfortunately it's hard for those consumers to extricate the author from the publishers, considering them virtually identical.
The more consumers who obtains low or free books and demand DRM free products, the faster we'll see a market adapt to meet those consumers needs.
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