Grapes cost a lot to grow, harvest, ferment, mature, bottle, and sell. Some grapes cost more than others. A reasonable market value for the wine is determined by the local industry.
There are plenty of excellent, affordable wines produced in this state ranging between $10 and $20 per bottle. If you want to pay more, you can: some pure varietal wines sell at $50+ per bottle. While these wines really are spectacular, the price gap may be too high for the casual drinker to taste any difference in quality.
In the end, each wine drinker should decide for themselves what wines appeal to them most, and at what price are they willing to enjoy that appeal.