A 5 buck loaf is certainly not in the wonderbread territory. Its both a mix of far more expensive and smaller in size.

A $3 loaf was described above. 50lb bag of flour making 30 loaves. At a pretty standard 60% hydration, the resulting loaf is both heavier and cheaper by weight than a loaf of Wonderbread usually is.

I suppose it could end up substantially smaller in volume if poorly made.

The cheese is good quality. These are the real economics of the market in a major USA East Coast city. My friend's been profitable for decades. Grocers out here sell pretty good loaves as loss leaders; you can call something artisanal all day long, but if you're charging too much, you're not competitive.