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Mountain Biking is an expensive hobby, always has been, always will be. The cost of the bike is a significant portion of this, but not even close to all of it, even the most minimal of body armor and protective equipment will end up costing $500. Then lift tickets if you go to a lift access place like whistler, silverstar, or coast gravity park, or the cost of gas if you are shuttling. I guess in theory you could also pedal yourself up, but anyone who has been on a full fledged DH rig with 10" of travel below them will know that pedaling is worse than amputating your own fingers.
Overall mountain biking is probably the most expensive sport to participate in, it certainly tops golfing, hockey, snowboarding/skiing, which are all considered super expensive in their own rights.
Road biking can be expensive if you want it to be, but it can also be cheap if you try a little, I mean seriously not everyone needs a 12.5lb carbon fiber road racing bike. You can make do with a $500-$1000 bike from any LBS.
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