Why is polaroid photographic paper so expensive?

Because of the manufacturing process.

Polaroid photographic paper is different from ordinary photographic paper, it has two layers. At one end of the photographic paper, there is a bag of potions. When the photo is taken out, it is squeezed by the camera roller and passes between two layers of photographic paper. It reacts with the polished photographic paper to develop an image, and the liquid medicine will not be squeezed out, because there is a strip-shaped medicine bag at the other end of the photographic paper for storing the used liquid medicine.

The potions of polaroid photographic paper are very toxic, so try not to play with them.