Yes. The cost is somewhat due to construction and somewhat due to limited demand. They need to be pretty thin around the shoulders (1-2mm thickness) and impose zero restriction on stroke movement but reasonably thick around the legs (5mm thickness).

Having said that, for sprints in certain locales at certain times of year the wetsuit is purely optional, because the time gained from the wetsuit in the water is about equal to the time lost removing it in transition. For all longer distances it would be slower to race without one, though.

Over here you can rent one for the summer season for 25€. You will need a 100€ deposit, which is returned to you when you bring the suit back in.

Welded seams, skin tight and flexible joints.

Coming from tri suits I was pleasantly surprised to find surf suits to be cheap.