Why is climbing Mount Everest so expensive?

For many, climbing Mount Everest is the adventure of a lifetime. Every year, adventurers pay tens or even hundreds of thousands of dollars for the privilege of attempting the world’s highest peak. But climbing the mountain is risky, and 2023 was the deadliest season on record. So why is climbing Mount Everest so expensive? And given the risks involved, should it cost more than it does?