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A big part of it is that while DRM-free ebooks are realatively cheap to make - you create one file per format and then copy it as needed - the same is not true of DRM ebooks.
Regardless of the DRM scheme, every customer requires a unique version of a DRM ebook. That one fact removes a lot of the cost advantage of going electronic. Then there are the costs associated with the DRM - DRM servers and licenses aren't free.
There's no reason DRM-free ebooks can't be no more expensive than standard paperbacks. Sticking to DRM could be one reason some publishers think they can't afford to lower the prices.
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