I agree that it is an American perspective, but not everyone shares it. Case in point: my wife offers horseback riding lessons and is very good at it. She is recommended enough that new clients have said "you got such good recommendations that I wasn't sure I could afford you."

Yet she charges under $40/hour even though I remind her that she could easily get north of $60/hour based on what I've seen people will pay. Her response: "I want to make it accessible to people." Great motivation, but poor profit.

I should add, though, that part of it is what another poster mentioned below: beyond a certain price point you tend to get a class of customer that's simply annoying to deal with.