Yeah, the price seems pretty absurd. I guess that's the way of the hobby now, though. I think all these companies are just going to price themselves out of a consumer base.
I took the plunge and ordered one. Can't pass up large scale Looney Tunes figures. I agree it's a bit pricey, but then again I paid $175 for the NECA Gremlins stunt puppet, which is just foam latex. I hope Mezco continues with the line. If not, this is a nice one and done piece.
My guess would be license fees. This makes me miss the Warner Bros. store all the more. If they carried such a thing back in the day, I bet it would've been half the price.
So I looked at the weight of this and it's pretty heavy, over 15 lbs. It's definitely not rotocast vinyl or whatever they call it, it's gonna be a very solid piece, which is probably adding to the cost.