Asklemmy

The whole point of merch is to generate money. The cheaper the cost of production is, the easier it is for the seller to get into it. So it is pretty common when someone starts to have an audience to sell stickers, then gradually go for t-shirts, etc. The strategy is not just self paid advertisement but ideally a good stream of income apart from the main activity. And it can be such a good one that many entities make more money selling merch than from their main role, movies being the most known example. And to the buyer, they are paying for what the thing represents more than what the thing really is.

You're basically giving them donations, that's almost the whole point.

It's because they aren't trying to sell as many t-shirts as possible (like fashion retailers) but instead sell to their hardcore fans. People who are willing to wear a LTT shirt might even be happy if it's just for those who really identify with it instead of random people buying it to use as a t-shirt.

tl;dr: because they can

I'd say they're simply taking advantage of the demand. one's you've built a fanbase, fans will shell out the money, even if the merch is overpriced

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