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I suspect publishers think of hardcovers the same way that drug companies think of patient drugs.
Drug companies charge top dollar for their brand name drugs while they have patent protection; they advertise heavily; direct market to doctors, etc. They see the time from drug launch to patient expiration as the time to bilk the consumer. After a drug goes generic, they can forget about it, unless they can patent the "extended-release" form or a combination drug form or some other way to charge top dollar.
Similarly, I suspect publishers see the first year of a book's release - when it is glued into stiff boards instead of soft paper - as the time to charge top dollar and make maximum profit.
They know the cheapskates are out there waiting for the paperback, but they want to get all they money they can out of the hardback buyers first. Then they release it in paperback.
It's not about content; it's not about production cost; it's about the revenue cycle of a new release.
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