I for one do not believe in €100 gateways, and imo you can't really compare the modem market or a company like USR to the Lorawan market or a manufacturer like iMST. The main reason being the lack of competition, on several levels.
In the days of BBS's, dial-up was mainly the only way to get online. In this defined market, USR had to compete with several other modem makers like Telebit and Hayes. All these companies could differentiate their products, e.g. USR developed X2, Lucent K52flex etc. There was real competition with different products, but all serving the same goal: getting you online through your mom's telephone line.
With LoraWan, there is no competition. Semtech holds the only IP, and manufacturers can only differentiate in trivial areas. Semtech can lower their prices all they want, if one manufacturer uses this to heighten his margin, the others will do the same. Also: the Semtech chip is only 25% of the BOM, even if they subsidize the price as much as USR did, it won't make that much difference.
When you compare Lorawan to other LPWAN techs, there isn't any competition there too, at least not concerning gateways. You can't buy a Sigfox gateway, you can't buy a NB-IOT gateway. It's reserved for carriers. And that's the big difference with modems: gateways aren't targeting the end user, it's for carriers. Nodes is where the fight will be fought, and the tech offering the lowest price per node will have the advantage. No one has any incentive to commoditise the carrier stuff.
Also: LoraWan gateways are already dirt cheap. The price of decent lightning protection (certified, not the Aliexpress stuff), site leasing, insurance, manhours of installing the gateway etc. are multitudes more expensive than the hardware.
Yes, for hobbyists not caring about all that a few 100 euro's seems very expensive, but the truth is gateway manufacturers won't shed a tear about maker communities. If they land only one contract with a mid-sized carrier, it's already worth way more than all maker sales combined.