I wouldn't doubt it for a second. Printer makers use the razor/razorblade model for consumables, where the printer's dirt cheap, but the ink costs an arm and a leg. This is just the latest tactic for getting people to go OEM only. At this point, I long for the good old days, when Canon embraced 3rd party ink vendors. Canon's cartridges were cheap because the print heads were a separate, replaceable, item, and the thi…
I never understood the razor/razorblade analogy. A razor handle without a blade is just a shaped bit of plastic or metal, without any working or moving parts. The precision engineering is all in the blade. It'd be weird if the handle wasn't cheap and the blades more expensive. But a printer really is a non-trivial set of electronics and working parts, so it is more surprising that they're so cheap.
Similarly, the print heads are the precision part in a printer. Drive components in the printer itself -- motor, the belts, rollers, etc, are all pretty cheap and easy at this point; the same print engine will be used over several series of printers. The print heads on the other hand, have piezoelectric parts and/or heat elements that have to be very quick and accurate to do a good job. Both cases, while there is definitely some engineering in them, it doesn't rise to the cost levels we see them being sold at.